GECs
Maharashtra hatches plans for Formula One circuit
MUMBAI: If things go according to script then Mumbai fans could well get to see the likes of Michael Schumacher zooming around in their own backyard.Prominent politician Sharad Pawar, in conjunction with the Motorsports Association of India (MAI) president Nazir Hoosein outlined plans for a proposed Formula One racing circuit. This will be developed in the state in conjunction with the future development plans for Maharashtra.
An official release informs that with the Expressway already in place between Mumbai and Pune plans are afoot for the upgradation of the International Airport in Mumbai, and the construction of new International Airport in Pune. Therefore an ideal opportunity presents itself for the setting up of a Formula One Circuit between the two cities.
As reported earlier by Indiantelevision.com Mumbai and Pune have already arrived on the international motorsports scene with the recent announcement of MRF India Rally 2003, a round FIA Asia Pacific Rally Championship 2003 to be held here in December 2003, under the aegis of the FIA and MAI. Over 20 international teams are expected to take part in this exciting international motorsport event. The proposal is to include this event as part of the FIA World Rally Championship in the coming years.
Hoosein said, “The fact that Mumbai is the financial capital of India and is a major contributor both of corporate and individual direct taxes in India, will contribute in no small measure to the selection of the Formula One Circuit to Maharashtra.”
The release adds that the infrastructural requirements of accommodation, road transport and communication are already in place for such a venture. The only thorn is the capability of the international airport, which hopefully will be upgraded in near future.
Formula One travels around 16 countries for as many races, and creates an enormous financial opportunity for the host country. The economic impact of a Formula One race is estimated at around $ 140 million for the local community and creates direct and indirect job opportunities to the extent of 75,000 people. Countries like Malaysia developed their tourism industry and generated tremendous employment opportunities after setting up of the Formula One Circuit the release states.
Meanwhile Formula One TV audiences have remained buoyant and stable since 2002, according to a mid season report. This was recently published by independent market research company Sports Marketing Surveys. The report has noted that interesting races, combined with no less than eight different winners of the Grand Prix, have meant that despite a slow start to the season, audiences have returned to last years levels. The new qualifying format contributed to more interest, with sponsors obtaining more exposure than last year.
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.
