GECs
Zee to approach SEBI against Padmalaya promoters
MUMBAI/NEW DELHI: Zee Telefilms will be seeking market regulator Securities and Exchange Board of India’s (SEBI) intervention for action against promoter shareholders of Padmalaya.
This relates to the alleged misappropriation of a substantial amount of shares that Padmalaya Enterprises Private Ltd (PEPL) held in Padmalaya Telefilms Ltd (PTL).
“We may write to SEBI and other regulatory authorities for the founder-promoters fraudulent misappropriation of PEPL’s 6. 265 million shares in PTL to other lenders,” a senior Zee official tells indiantelevision.com.
Padmalaya companies’ chairman and managing director GA Seshagiri Rao dismisses Zee’s allegations as false claims. “The loans were raised with the full knowledge of Zee. I was only a nominee of Zee. The management control is with them and they have other representatives on the board.”
The Zee official, however, has put the charges back on Rao. “Has he brought these matters to the board? These issues were never discussed in the board. Nor were they disclosed in the filings to SEBI and the stock exchanges.”
Zee, meanwhile, has issued a circular today to all employees of PEPL and PTL stating “not to be misguided by any rumours emanating from interested quarters.”
According to the circular, a copy of which is available with the indiantelevision.com, “Attempts were made by ZTL during the last two months to ensure that those who have done fraudulent acts and deeds shall make good the losses suffered by the stakeholders, including employees. They accepted that their fraudulent acts have resulted in substantial losses and agreed to make good the loss. But they have gone back on their commitments.”
Yesterday, Zee had said it would take legal action against Rao and promoter shareholders. ZTL’s interest in PTL through a 64 per cent stake buy in holding company Padmalaya Enterprises Private Ltd. stands at the crossroads with these allegations of misappropriation made against Rao and other shareholders. The misappropriation of 6.265 million shares of PTL held by PEPL has brought down Zee’s indirect interest in PTL from about 33 per cent to around 13 per cent, according to ZTL.
The circular repeats some of the allegations levelled by ZTL yesterday against those entrusted with managing the two Padmalaya companies saying that “since the time of signing of the shareholders’ agreement, ZTL has always entrusted all responsibilities and authorities to Mr. Seshagiri Rao and his other family members.”
The chief finance office of Padmalaya, a ZTL nominee, who issued the circular today on behalf of Zee, has also stated that “under the circumstances,” he will not be available to “supervise” the financial functions of the (Padmalaya) companies. This decision has also been communicated to Rao, the circular adds.
GECs
Samsung TV Plus launches Kings of Comedy channel
New free FAST channel brings iconic Hindi comedy shows to millions of Samsung Smart TV owners.
MUMBAI: Samsung TV Plus has just turned up the laughter volume and it’s completely free. The leading free ad-supported streaming television (FAST) service in India has launched Kings of Comedy, a premium comedy channel featuring some of the country’s most beloved primetime shows. Available exclusively on Samsung TV Plus, the channel delivers back-to-back hits including Comedy Nights with Kapil, Khatra Khatra Khatra, and Comedy Nights Bachao, with no login or subscription required.
The launch marks a milestone for free streaming in India, offering audiences a dedicated comedy destination directly from their Samsung TV home screen. It arrives as Samsung TV Plus India celebrates its 5th anniversary, during which the service has grown its monthly active users by 42 per cent and more than doubled its total viewing hours. The platform now offers over 180 free channels across 14 languages.
Samsung TV Plus India general manager and head of business development Kunal Mehta said, “Comedy is the heartbeat of Hindi entertainment, and Kings of Comedy brings together the shows Indians already love, completely free on their Samsung TV. Our focus remains the same take the content people know and make it effortless to access.”
Globally, Samsung TV Plus has surpassed 100 million monthly active users across more than 4,500 channels, solidifying its position as one of the world’s leading free streaming services.
Kings of Comedy is now available on all compatible Samsung Smart TVs. For viewers seeking non-stop laughter without any cost, this new channel delivers a royal treat proving that sometimes the best entertainment really does come with no strings (or subscriptions) attached.
