Fund Diversion Case
The Bombay High Court has instructed Subhash Chandra, founder and chairman emeritus of Zee, to comply with SEBI’s March 27 summons regarding a fund diversion case. In a verbal directive issued on Wednesday, the court specified that Chandra should provide the documents requested by SEBI in the March 27 summons rather than the earlier January 12 summons. The detailed written order from the court is still pending.
SEBI Accused Subhash Chandra
SEBI had accused Chandra of attempting to obstruct the investigation by ignoring the January summons. Chandra, through a writ petition, contended that the January summons violated the SEBI Act provisions and contained predetermined and conclusive allegations, effectively serving as a show cause notice. Chandra’s legal representation confirmed on Wednesday that the required documents as per the March summons would be submitted within four weeks.
The Bombay High Court’s directive marks a significant development in SEBI’s ongoing probe into alleged fund diversion at Zee. The next steps will depend on the court’s detailed order and Chandra’s compliance with the summons.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
