GECs
Canada-based ATN’s million dollar debenture renewed
MUMBAI: Toronto-based Asian Television Network (ATN) has announced that the company’s debenture holders have agreed to the extension and repayment plan agreement of its million dollar debenture for a further period of three years. The debenture will now be due on 9 June 2005.
“The debenture holders have recognized our outstanding growth in revenue and earnings over the past three years and have extended this debenture for a further three years to June 2008,” said an official release quoting ATN CEO and president Shan Chandrasekar.
“With this agreement ATN will continue to present an improving balance sheet for our investors with future pay-down of a significant portion of the debenture principal and the transfer of this debt to long-term.” said ATN CFO Byrne Fulton.
ATN, a publicly traded company listed on the Toronto Venture Exchange, owns and operates five television channels across Canada. It has programming alliances with broadcasters such as ZEE TV, B4U, Sony Entertainment Television, Alpha Punjabi, Jaya TV and ARY Digital.
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.
