Sony taking SEBI's order on ZEE founder and CEO 'seriously'

Sony Pictures Entertainment said that it took the Indian markets regulator's order banning the founder and CEO of Zee from holding key positions in listed companies "seriously", as per a report by Reuters.

Sony has also said that it would continue to monitor developments that would have an impact on its agreement with Zee.

This is Sony's first comment after SEBI's order last week which banned Subash Chandra and Punit Goenka from holding any board positions for a year. This, for siphoning company funds to private entities and misusing their board seats.

Zee-Soney merger deal

Sony and Zee decided to merge their television channels, film assets and streaming platforms in late 2021. However, the deal has been delayed due to reasons including a legal battle with lenders over loan defaults by a Zee group entity and reports that stock exchanges were reconsidering approvals for the merger, as per Economic Times.

Petition with The Securities Appellate Tribunal

Subhash Chandra and Punit Goenka filed a petition with the Securities Appellate Tribunal challenging the SEBI order prohibiting them from serving as directors or other key management positions in any listed firm.

But, SAT refused to stay an interim order of the Securities and Exchange Board of India.