GECs
Sony bags showman Ghai library
The Showman – as Subhash Ghai is known – has found a buyer for his 15 strong movie library, a year after B4U failed to deliver on its commitments to acquiring it. The buyer this time has deeper pockets so Mukta Arts shareholders and investors need not crease their brows with worry: Sony Entertainment Television. The transaction is believed to be valued in the region of Rs 140 million, a similar amount that B4U had agreed to pay Mukta Arts earlier.
Sony will be airing the movies in two tranches under the banner of The Dream Merchant- the Subhash Ghai film festival airing every Saturday. The first tranche is from 25 May to 6 July and is scheduled to be only on Sony Entertainment Television. The lineup of the movies is: Taal (25 May), Karma (1 June), Karz (8 June), Pardes (15 June), Saudagar (22 June) Khalnayak (29 June), and Yaadein (6 July).
In the second tranche, the remaining eight movies will air on Set Max in October after the Champions Trophy. SET India CEO Kunal Dasgupta is buoyant: “This is the biggest acquisition of Hindi movie blockbusters to date. And we are bringing the best of Indian cinema to our viewers.” SET officials say that a host of promotions is planned around the festival and Ghai himself may make an appearance to promote his brand of cinema.
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.
