GECs
Star Gold inches ahead gradually
Classic Hindi movie channel Star Gold, which was launched last month, is gradually clawing its way back into Indian viewers homes, thanks to a push from the Star TV Network distribution team.
According to Star Gold head Raj Nayak, the channel was languishing for a fortnight but now has managed to get about 55 per cent penetration in Delhi and Mumbai, almost 100 per cent penetration in Kanpur and Lucknow, and 85 per cent in Ahmedabad.
“We have got a deal in place with Seven Star. We expect a resolution with InCable soon. Even RPG in Calcutta should get sorted out,” he says. “I’m looking at a penetration of about what Star World has for Star Gold in the next 15 days.”
Three video on wheels (VOW) Vans are expected to go around in 70 towns in Punjab, Madhya Pradesh, Rajasthan and Bihar over the next week promoting Star Gold. “It’s a channel headed in the right direction,” he says. “We will occupy our rightful place in the cable and satellite television universe.”
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.
