GECs
Sa Re Ga Ma Pa Challenge
Challenge 2005 celebrates the ongoing season of festivities with an innovative viewer connect programme. Shaan, Ismail Darbar, Aadesh Shrivastava, Himesh Reshammiya, Jatin-Lalit and group of contestants from Challenge 2005, put up an entertaining performance doling out chart busters after chart busters. They energetically performed on hit dandiya and garba numbers such as “Madhuban Mein jo kanhaiya” (Lagaan), “Dholi Taro” (Hum Dil De Chuke Sanam) and the recent chart toppers “Nach Baliye”, “Just Chill”, “Kajra Re”, “Ashiq Banaya Aapne” et al.
Get ready to be entertained on Saturday, October 15, 2005 at 8 pm Only on Zee TV
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.
