SEBI bars ZEEL for 2 months, Subhash Chandra and Punit Goenka for 1 year in Hyderabad land pledge case
The Securities and Exchange Board of India (SEBI) has barred Zee Entertainment Enterprises Ltd (ZEEL) from the securities market for two months and its Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka for one year over the unauthorised pledge of the company’s Hyderabad land as security for loans availed by promoter-linked Essel Group entities.
The market regulator also imposed a total penalty of Rs 1.48 crore on the three entities through a 150-page final order issued late on Friday. Individually, ZEEL has been fined Rs 30 lakh, while Chandra and Goenka have been penalised Rs 60 lakh and Rs 58 lakh, respectively.
