Zee forms interim committee to oversee operations as SEBI order bans Punit Goenka

The Interim Committee will be under the supervision of the Board and will seek its guidance on all matters pertaining to the company.

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26 Aug, 2025 12:21

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Media company Zee Entertainment has formed a committee to oversee the company's operations as the Securities and Exchange Board of India (SEBI) has barred MD and CEO Punit Goenka.

“The Board of ZEE Entertainment Enterprises Ltd. (ZEEL) in a meeting conducted on July 14, 2023, evaluated and discussed all the necessary steps, in light of the interim order passed by the Securities and Exchange Board of India (SEBI) and the subsequent judgement by Securities Appellate Tribunal (SAT). Since the order restricts Punit Goenka from holding the position as director or key managerial position in a listed company, the Board of the Company has constituted an Interim Committee of senior executives to ensure smooth operations of the Company," the company said in a statement released on July 17.

The statement further said that the Interim Committee will be under the supervision of the Board and will seek its guidance on all matters pertaining to the company. "The Board continues to have immense faith in the value-building leadership skills showcased by Punit Goenka and will monitor the progress of the matter. The Board also remains confident that the Company will deliver robust growth consistently and generate higher value for all shareholders,” a company spokesperson said.

SAT had on July 10 refused to stay SEBI's order that barred them from holding key management positions in any listed company.

SEBI had, in an interim order, on June 12, stated that Subhash Chandra and Goenka had allegedly "abused their positions" for personal financial gains. It noted that the Mumbai-based media house had faked the recovery of loans to cover private financing deals by its founder Subhash Chandra.

The regulator further alleged that the duo engaged in the alienation of assets belonging to Zee Entertainment and other listed companies of the Essel Group, with the aim of benefiting their associate entities.