GECs
Cutthroat sets new crowdfunding record
MUMBAI: Adding an important landmark to the ever-evolving crowdfunding potential in India towards supporting independent films, Cutthroat – a film to be based on real life in a Business School – announced that it has managed to raise Rs 5.94 lakh in a span of last eight weeks.
Directed by Sarthak Dasgupta of The Great Indian Butterfly fame, the film was seeking pre-production funds through Catapooolt, an industry-backed crowdfunding platform. The collection makes it the highest ever amount crowdfunded for a film project on any Indian crowdfunding platform.
The total budget the project is seeking is Rs10 lakh.
Commenting on this feat, Sarthak Dasgupta who recently received the Sundance Global Filmmaker Reward 2013, said, “I’m really humbled and honored with this extensive support and recognition that my proposed script Cutthroat has received so far. I always believed that this film should be made on basis of community support – and I’m glad that with Catapooolt – I’ve got the right team and platform to take this project to the desired communities. I’m sure that with this continuing momentum and interest in this film, we should be able to achieve the set crowndfunding target.”
Recognising this step as a key indicator of growing interest and trust in crowdfunding in India, Catapooolt MD Satish Kataria said, “Globally, crowdfunding has been accepted as the new future of funding creativity and independent projects – and through Catapooolt – we continuously endeavour to populate this empowered way to support upcoming talent in India. We are ensuring that we don’t only stop ourselves as a platform, but go beyond and completely work hand-in-hand with project managers to help them achieve their desired targets.”
So far, more than 50 contributors, from across the world, have come forward and lend their support for the film which is based on how things change during the placement season in a B School and how the peer pressures can play with dreams of the management students.
Furthermore, as a part of really innovative exercise, Catapooolt along with the Syndenham Institute of Management Studies – has brought together more than 163 teams from leading management institutions to compete and draft the best possible marketing and outreach strategy for this film.
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.
