GECs
Keeping identity a challenge for PSBs
MUMBAI: Maintaining competitiveness and universality will be the key issue for public service broadcasters as terrestrial broadcasting loses its audience share and media influence to emerging media.
This was the message that Min Eun-Kyung, executive director of international relations for KBS-Korea, had for delegates to the annual Public Broadcasting International which opened in Maputo, Mozambique, on Thursday.
“Amidst the countless number of channels, platforms and content, keeping the identity of public service broadcasting will become increasingly challenging,” Min has been quoted as saying in a report put out on the Asia-Pacific Broadcasting Union (ABU) website.
“The digital revolution will create room for critical voices about the function and role of public service broadcasting,” Min added.
Min said that public service broadcasting was an essential societal institution in the service of cultural diversity and media pluralism. “We must make every possible effort to remind our viewers of the value of public service broadcasting and every possible effort to keep our function and identity in the future,” she explained.
Finance is another key issue for public service broadcasters, according to Min. She said that having a stable financial structure is necessary to make progress in the multimedia environment, remain competitive, and to gain independence from political and commercial influences.
“More importantly, a stable financial system is the only way to fulfill public service broadcasting missions in a highly competitive digital media environment,” she added.
“Expanding services to multiple platforms is a high-cost business and without a desirable financing model, newly launched media services would have to charge a fee.”
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.
