GECs
Disney, Weinsteins may part ways
MUMBAI: A film partnership that lasted a decade and brought lots of Oscar awards may be coming to an end. Disney is said to be looking to end its current deal with Miramax Films founders Bob and Harvey Weinstein.
Disney must give the Weinsteins at least six months notice if it does not plan to renew its deal with the filmmaking brothers who are credited with revolutionizing the independent filmmaking world. Reports state that with the pact set to expire on 30 September 2005, a resolution must be reached by March at the latest.
Disney CEO Michael Eisner has categorically asserted that Miramax would remain with Disney even if the Weinsteins exited. Disney will also retain rights to the valuable Miramax library and to any films produced during the current agreement. If the Weinsteins do leave this would be the second blow for Disney following the end of the contract with animation house Pixar.
Miramax was bought by Disney in 1993 for $80 million. The Weinsteins are likely to seek financing to start a new motion picture venture. Trade publication Variety had reported that Disney was not interested in renewing the terms of the Weinstein’s existing employment agreement. .
There was friction between the Weinstein’s and Disney over Kill Bill. Eisner had felt that Miramax pushed the envelope too far with Quentin Tarantino’s epic. Worse earlier this year Disney had blocked Miramax from distributing Michael Moore’s Bush-bashing documentary Fahrenheit 9/11. As a result the Weinsteins to personally buy the film rights and seek an independent distributor. The film releases in India today 15 October.
Another report has suggested that the Weinsteins could partner with Paramount which is struggling for hits. Paramount had partnered with Miramax on The Hours which won Nicole Kidman an Oscar.
This year Miramax is pinning its Oscar hopes on Martin Scorcese’s upcoming The Aviator in which Leonardo DiCaprio plays eccentric billionaire Howard Hughes.
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.
