Sebi issued its first interim order in the Zee case in June 2023 but is yet to pass a final order. Company says strategic steps derailed by probe.
Chandra’s comments came in an over 90 minute long call with analysts and investors, which the company said is part of its strategy to improve corporate governance and outreach to shareholders.
The planned allotment will increase the shareholding of chief executive officer Punit Goenka and family to 18.39 percent from 3.99 percent
The panel of Whole-time Members of SEBI rejected the applications filed by both, and also referred the matter to SEBI for further investigation.
Chandra had filed a petition earlier this month challenging the summons and had sought for it to be quashed.
IBHF argued the case for over an hour at the National Company Law Tribunal (NCLT) on February 28. The case is likely to be heard again on March 4.
The panel headed by Justice (retd) Satish Chandra, will present a detailed report to the company's board, advising it on the future course of action
In response to a story published by Moneycontrol, stock exchanges had sought a clarification from the company.
The appeal was closed as Indiabulls and Vivek Infracon, the company for which Chandra had stood personal guarantee for a loan of Rs 170 crore from Indiabulls, settled their dispute