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Subhash Chandra accuses Sebi chairperson Buch of derailing Zee-Sony merger
MUMBAI: Subhash Chandra is on the war path. The founder & chairman emeritus of Zee Entertainment Enterprises, held a press conference late last evening wherein he openly lambasted the Securities & Exchange Board of India (Sebi) chairperson Madhabhi Puri Buch.
Chandra is being probed by the market regulator for alleged fund diversion of over Rs 2,000 crore from the media behemoth.
The 73-year old Chandra alleged that Buch is one of the negative forces who has been acting against his group all along and it is her interference in the regulatory clearance of Zee’s merger with Sony that caused it to fail.
Said he: “Sebi has not been acting in the interest of investors of Zee Entertainment. Zee Sony merger was progressing well and they had got Sebi/ stock exchange approval. Despite the same, Sebi instructed BSE/NSE to intervene in NCLT proceedings and scuttle the merger by spooking Sony. Ultimately the merger was terminated by Sony which resulted in erosion of huge wealth of minority shareholders.”
He further leveled charges of corruption against Buch, saying that her income, along with her husband was Rs 1 crore, which shot up to Rs 40-50 crore per annum after she assumed her position at Sebi.
”This needs to be investigated by media and investigating agencies, including analysis of the settled/compounded cases and the consultation fees paid by such corporates and received by Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers,” he alleged.
He added that he had been approached by a middleman – Manjit Singh – in January 2024 who professed to represent Buch and offered to rid Zee of its regulatory problems with Sebi in exchange for a price which would run into three digits.
“I dismissed it then but now with the Hindenburg and ICICI bank revelations against Madhabi Puri Buch and her connected persons, it seems that the person who approached me may have been right. May be this was the modus operandi in various cases, which have got settled/adjudicated through compounding with light touch,” highlighted Chandra. “It was (ICICI’s) Chanda Kochhar and her husband; and Madhabi Puri Buch and her husband; working in tandem, hence Madhabi Puri Buch was paid hefty sums of money by ICICI while she was the whole-time member at Sebi.”
The goateed entrepreneur said he had lost faith in the securities watchdog and would not cooperate with it in his personal capacity. “I urge Zee Entertainment to also stop co-operating with Sebi any further; since it is a biased investigation being carried out; with a pre-conceived mindset of its chairperson,” he said in conclusion.
Meanwhile, the ICICI group has refuted the allegations made by the Congress (I) that Buch continued to receive a salary from the bank after her retirement.
It said in a statement on X: “ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from 31 October 2013. During her employment with the ICICI group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies…All the payments made to Ms. Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits.”
A senior Sebi official termed the allegations against Buch as “malicious and opportunistic” to business daily, Business Standard.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
