GECs
Star confident that operators will accept new subscription rates
Reports of a concerted backlash from across the country to the 1 March increase in Star’s subscription rates appeared unlikely on Monday, with company officials confident that most cable operators would accept the Rs 30 monthly price tag on the Star bouquet.
However, reports that the Cable Sena of Maharashtra had scheduled a meeting for tomorrow (Tuesday) could not be confirmed. The Cable Sena is affiliated to the Shiv Sena, the party in opposition in the western state of Maharashtra, where Mumbai is located.
Senior Star officials said except for Calcutta and a few pockets, over 80 per cent of the rest of the country had accepted the new rate structure. There were some reports that operators in six districts in southern Karnataka were planning to black out Star from the 15th but that has been sorted out, the officials said. The problem actually related to mode of payment rather than anything else, it was pointed out.
But 30 cable network owners of north Chhattisgarh region of India are firm in their resolve to black out Star. The have vowed to remove all channels of the Star bouquet because the channel had “revised it’s subscription fees twice in the current year.” A statement put out by the operators said: “Moreover all cable operators are angry with the marketing policy of the Star TV as they were forced to subscribe to Star Gold channel by the dealers of Star TV, which is a costly channel with no ratings at all.”
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.
