GECs
Viacom promotes Bruce Taub as EVP operations
MUMBAI: Bruce Taub has been named Viacom executive vice-president, operations, a newly created position at the company. The announcement was made by Viacom co-president/ co-chief operation officer, CBS chairman Leslie Moonves.
Taub will be involved in setting development and financial objectives and helping to identify key operational and strategic issues for the Viacom divisions under Moonves’ aegis. These include CBS, UPN, King World Productions, Paramount Television, Paramount Domestic Television, CBS Paramount International Television, Infinity Broadcasting, the Viacom Television Stations Group and Viacom Outdoor.
Taub, who will assume his new duties immediately, will also continue to serve as executive vice-president and chief financial officer of CBS, informed a press release.
“Bruce has been an essential member of my management team since I first came to CBS,” said Moonves. “Under his watch, we have improved profitability, and achieved significant cost savings across the board while providing investment necessary for growth. To put it simply, Bruce is the consummate pro, and I look forward to continuing to work with him in this new, expanded role.”
Taub was most recently CBS executive vice-president and chief financial officer. Previously, he was CBS television senior vice-president and chief financial officer, added the release.
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.
