The Securities and Exchange Board of India on Thursday expanded the scope of investigation against Zee Entertainment Enterprises, its Chief Executive Officer Punit Goenka, and Chairman Emeritus Subhash Chandra. The order mentions the dropping of the 2022 notice against the three, such that a single larger probe remains against them.
The regulator's panel for Whole Time Members had earlier refused the settlement applications made by Zee Entertainment and other noticees, referring the issue for further investigation. Based on the investigations done after a July 2022 notice, the regulator has now decided to drop the earlier proceedings.
SEBI has decided to subsume the earlier findings against the three noticees with the findings of the new investigation.
Additionally, it was mentioned in the order that the content of the July 06, 2022 order issued by the Adjudicating Officer, including the examination report and all the relied-upon documents, will be treated as integral parts of the further investigation report by SEBI in the matter of ZEEL. Even the contents of the earlier notice might be incorporated.
The regulator's earlier notice was sent to the noticees and dealt with penalties for noncompliance with the securities laws and noncompliance with listing and delisting conditions.
The order in the case is a procedural order that states that the previous 2022 notice is being dropped, but the contents and earlier findings are going to be absorbed into the further SEBI investigation.
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