GECs
Murdoch lands in Mumbai
Rupert Murdoch landed in his private jet at Mumbai’s Sahar International Airport with his entourage a short while back. Special arrangements were made at the airport for him. A Mercedes Benz drove right onto the tarmac next to his aircraft. News Corp No 2 Chase Carey, Star TV India CEO Peter Mukerjea, and metal baron Pramod Mittal accompanied him as they boarded the car to keep him away from the hordes of photographers and journalists who had parked themselves in front of the airport to get a few words out of him.
With the kind of media attention that he has been getting the current Indian celebrities may surely be developing a complex.
The dapper media baron who has been looking younger ever since his marriage to Wendy Deng and his renewed zest for the WWW and convergence has a whistlestop tour of the city planned out for him.
This includes meetings with local politicians, leading business lights, his former partner Subhash Chandra, and also the staff within Star TV’s India operations. Currently, he is in the Star TV office finding his bearings before getting into a hectic round of meetings with the senior executives of Star TV.
The entire Star TV office in Mumbai has been witnessing a bedlam of activity in preparation of his arrival.
Keep logging for further developments relating to Mr Murdoch.
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.
