ZEE slips 6% as Sebi bars Punit Goenka, Chandra from holding key positions

Shares of Zee Entertainment Enterprises (ZEE) slipped 6 per cent to Rs 182.60 on the BSE in Tuesday’s intra-day trade after the Securities and Exchange Board of India (Sebi) on Monday barred the company’s promoter and Essel group Chairman Subhash Chandra and MD and CEO Punit Goenka from holding key positions in any listed company for allegedly diverting assets of Essel Group companies.

“The Securities and Exchange Board of India has issued an interim ex-parte order against Dr. Subhash Chandra and Mr. Punit Goenka, Managing Director & CEO of the Company,” ZEE said in an exchange filing.

The order followed an investigation, which found the two had abused their board positions in Zee by “siphoning off funds for their own benefit.