GECs
Star TV: looking for a Dot Com CEO
Star TV India is on the prowl for a dot com chief. The company is scouting around for an individual who will steer its forway in to the Wide World of the Web and e-shopping and communities. It is beleived to be in conversation with several senior executives and placement agencies have been roped in to lasso the right candidate for the job.
The company already has a portal startv.com. It plans to create many more portals and has set up a subsidiary for the Internet business, which will also offer Internet access. It is looking for partners in New Delhi to provide broadband Internet access through cable networks.
The company plans to get into the broadband area and offer webcasting services.Star TV CEO Peter Mukerjea does not want to miss the bus which the arch rival Zee Telefilms has already boarded. Zee Telefilms has a clear advantage with its own cable network SitiCable. It is already conducting pilot projects in Bangalore and Mumbai for Internet over cable.
Star expects to also form a community of Internet portals which it will likely offer along with access. The company is also looking at forging alliances with existing portals by taking equity positions in dot com startupps.
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.
