GECs
Hathway promotes Milind Karnik
MUMBAI: For long, Hathway Cable & Datacom old-timer Milind Karnik has been mandated with running the cable TV MSO’s secretarial operations as company secretary. Now he has been given a new role: as the head of commercial – all India and also the western India head. Karnik has been with Hathway since 1998 and he has resigned from his earlier position to take up the post, Hathway informed the BSE on 6 December. Replacing him is Ajay Singh, who has been appointed as company secretary and compliance officer.
Singh has an experience of 17 years. He has moved to Hathway from Real Networks India. Prior to this, Singh has worked with Drishtee Dot Com, Rangs Technologies and PACL India.
While Karnik was already handling the commercial business in the western region, in his new role, he will be handling the all India commercial business for Hathway.
“With digitisation, one needs to get the consumer billing and consumer application form in place for phase I and II respectively. This is a huge task. Also, in my new role, I will be working towards successfully completing phase III and phase IV of digitisation in western India,” informs Karnik, who plans to focus more on DAS phase III and IV now.
Karnik will work with Hathway subsidiaries including Hathway Bhawani and Hathway Rajesh as well. He will serve on the GTPL Hathway board.
Karnik will also handle commercial business in hotels which has a different tariff structure. “Hotels are still not digitised and so I will be concentrating on that as well. We need to explain to the 3-Star and 5-Star properties where room base is 50 and above that digital feed is better than analogue,” he says.
“In the case of hotels, we also aim to focus on pay per view, which is a niche segment. That apart, I will be dealing with internet bandwidth in the commercial segment,” he concludes.
GECs
Sebi sends show-cause notice to Zee over fund diversion, company responds
Regulator questions 2018 letter of comfort and governance lapses; company vows robust legal response
MUMBAI: India’s markets watchdog has reignited its long-running scrutiny of Zee Entertainment Enterprises, issuing a sweeping show-cause notice that drags the broadcaster and 84 others into a widening governance storm.
The notice, dated February 12, has been served by the Securities and Exchange Board of India to Zee, chairman emeritus Subhash Chandra and managing director and chief executive Punit Goenka, among others. At its heart: allegations that company funds were indirectly routed to settle liabilities of entities linked to the Essel Group.
The regulator’s probe traces its roots to November 2019, when two independent directors resigned from Zee’s board, flagging concerns over the alleged appropriation of fixed deposits by Yes Bank. The deposits were reportedly adjusted against loans extended to Essel Group entities, triggering questions about related-party dealings and board oversight.
A key flashpoint is a letter of comfort dated September 4, 2018, issued by Subhash Chandra in his dual capacity as chairman of Zee and the Essel Group. The document, linked to credit facilities availed by certain group companies from Yes Bank, was allegedly known only to select members of management and not disclosed to the full board—an omission SEBI believes raises red flags over transparency and governance controls.
Zee has pushed back hard. In a statement, the company said it “strongly refutes” the allegations against it and its board members and will file a detailed response. It expressed confidence that SEBI would conduct a fair review and signalled readiness to pursue all legal remedies to protect shareholder interests.
The notice marks the latest twist in a saga that has shadowed the broadcaster since 2019. What began as boardroom unease has morphed into a full-blown regulatory confrontation. The final reckoning now rests with SEBI—but the reputational stakes for Zee, and the message for India Inc on governance discipline, could scarcely be higher.
