GECs
Zed TV launched at glittering function in Mumbai
The much delayed launch of the education channel Zed TV from the Zee TV stable finally took place late last evening at the hands of Indian information and broadcasting minister Sushma Swaraj. Other attendees at the function were Maharashtra chief minister Vilasrao Deshmukh, the Himachal Pradesh chief minister, and the edication minister for Maharashtra Anil Deshmukh.
Swaraj said that she was delighted to launch the educational channel, because it was something that India needs at a time when parents are tearing their out because children are tuning into television to watch movies, soaps, series and normal TV pulp programming. The other political leaders echoed that sentiment and went out of their way to praise Chandra for his venture. “You are doing what we should be doing,” they all said.
She however cautioned that the channel’s fate will be decided by its programming. “A 24 hour educational channel is a bold initiative; it’s a promise you will have to live up to,” she said.
The channel is however starting with just five hours of original programming going up to eight hours daily, says Chandra. Initially to be aired in English it will be made available in six languages altogether, he added.
The channel will have programming targetd at various age groups right from toddlers to to school children to youth to professionals to women to senior citizens, disclosed Zee Interactive Learning Systems CEO Uma Ganesh. “It will whet Indian’s appetite for learning and will drive viewers to the zeelearn.com web site, the Zee Career Academy and Zee LiveWire centres,” she said.
“We expect to do a revenue of Rs 5,000-7,000 million per annum from our entire education business in the next five years,” she added.
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.
