Ministry of Corporate Affairs examines SEBI's allegations against Zee: Reports

The Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the Securities and Exchange Board of India (SEBI).

However, the company is not aware of any probe by the Ministry and has not been formally notified about such a matter, according to the media reports.

The MCA has taken cognisance of the interim order of SEBI, which alleged bogus book entries and siphoning of funds. The MCA is currently investigating lapses in matters of corporate governance. However, the MCA has not issued an inspection order, as per the reports.

On June 12, in the interim order, SEBI barred Subhash Chandra and Punit Goenka from holding director or key managerial personnel positions in any listed company for purportedly siphoning off funds of the media firm.

Later, both Chandra and Goenka moved the Securities Appellate Tribunal (SAT) seeking a stay on SEBI's interim order.

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