GECs
Stage set for Enter Media 2001 conference
The stage is set for the Enter Media 2001 conference to be held in Mumbai on 7 and 8 August.
The seminar for the media and entertainment sector organised by the Confederation of Indian Industry (CII) will be the culmination of an online interactive initiative that began at the end of June whose aim it was to identify the key issues which the industry needed to address.
According to the chairman of the task force set up to organise the conference, Biren Ghose, CEO of UTV Interactive, the conference’s principal aim is to identify two or three key issues that have a realistic chance of being addressed if proper thought and planning is put into the effort. It will be an issues workshop which amalgamates a public as well as industry perspective.
At the conclusion of the conference a report will be presented which will set a six to 12 month time frame to resolve the issues identified. Towards this end the state and central government will be petitioned to participate in the resolutions made at the seminar. inputs from other institutions as well as efforts from within the industry will all be utilised to work towards getting definitive results, Ghose says. He gives the example of how the music industry managed to set aside its internal differences in setting up the Indian Music Initiative (IMI) against piracy.
To delienate the key issues, message boards on a Enter Media 2001/CII website will be specially created. These message boards – to be gathered from industry executives and the public at large – will represent a “market snapshot” across each of the industry verticals. The idea is to define constraints and highlight possible solutions, according to the chairman of the task force set up to organise the conference, Biren Ghose, CEO of UTV Interactive.
Others on the taskforce include Shyam Benegal (Films), Pritish Nandy (CEO Pritish Nandy Communication), Abhik Mitra (Music), Sumantra Dutta (Star India Ltd, Radio), Vijay Mukhi (Technology), Pallavi Jha (CII Chairperson – Maharashtra), Rana Kapoor / Vijay Jain (Banking), Rajesh Jog (Venture Capital) and SK Chakraborty (Industrial Development Bank of India). The venue of the conference is the ITC Grand Maratha Sheraton in Mumbai’s western suburb of Andheri.
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.
