Repetitive probes may hit Sony merger: Zee to Sebi

Mumbai: Continuous and repetitive investigations by Sebi could affect the merger of Zee Entertainment Enterprises and Sony Pictures Networks India (SPNI), the former has said. In a letter to the markets regulator, Zee pointed out that these probes create “prejudice for the company and shareholders, and can potentially impact the merger process”.

The letter, dated June 11, is part of Sebi’s 197-page reply to the Securities Appellate Tribunal (SAT), which will hear the Zee-Sebi matter on Monday. On June 12, Sebi barred Zee’s chairman emeritus Subhash Chandra Goenka and his son Punit Goenka, the company’s MD, from holding key managerial positions in listed companies. Both approached SAT the next day (June 13) challenging Sebi’s decision.