GECs
Comcast CEO Brian Roberts extends contract through June 2014
MUMBAI: Comcast chief executive Brian L. Roberts has extended his tenure at one of the largest cable company – for at least another year.
Roberts isn’t planning on going anywhere – despite the seemingly short-term nature of the deal. His father, Ralph Roberts, founded the company half a century ago. What’s more, Brian Roberts’ employment contract had expired last month, according a filing Wednesday with the Securities and Exchange Commission.
Rather than renegotiate his entire agreement, Roberts simply amended the pact so that it runs through June 2014. He did not negotiate any other modifications to the existing agreement, the filing said.
This is not the first time Roberts, 54, has extended his agreement beyond its expected expiration. The current agreement took effect 1 January, 2005.
Roberts last year received a compensation package from Comcast valued at $29 million, up eight per cent from 2011.
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.
