GECs
Reliance Communications’ Falcon Cable System becomes operational
MUMBAI: Reliance Communications owned Falcon Undersea Cable System has started its operational from today unleashing international bandwidth between India, Middle East and Europe.
The Flag Telecom Global Network would be the world’s largest undersea cable system covering 65,000 route kms, with the launch of Falcon. The current bandwidth on India-Europe route is controlled by VSNL and Bharti.
“Falcon will have an equally powerful impact on the economic front, driving higher levels of trade, commerce and global integration,” Reliance ADA chairman Anil Ambani said.
The vision at Reliance ADA group is to ‘give millions of ordinary people across the world the means to realize their dreams, the power to shape their destiny, the chance to fulfill their true and diverse potential,” Ambani added.
The Flag Global Network bridges the distance between 35 diverse developed and developing economies, connecting the global economic hubs in USA, UK, Germany, France, Middle East, India, Hong Kong, Singapore, China and Japan to name a few.
The Company’s Flag is the first global network of this scale to provide integrated connectivity on one seamless network to the three highest growing regions; India, Middle East and China; in terms of international bandwidth demand.
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.
