Z Entertainment is also a listed company. It's answerable to its shareholders and the board. Subas Chandra didn't seek the board's permission before he pledged the fixed deposit. Sebi asked Z if it had got the money back. And Z said, yes, we did. We got it way back in October 2019 itself. Now that should have ended the matter. But Sebi smelled something fishy. So they asked for bank records of all the entities involved in this deal. And let's just say that the money trail they found was shocking.
Subhash Chandra Goenka is many things.
He’s a media mogul who set up Zee — India’s first private TV channel in 1992. He was a Member of Parliament who dipped his toes in the world of politics. He is a philanthropist who helps the less fortunate.
But now…he’s also allegedly a fraudster!
At least that’s what the Securities and Exchange Board of India (SEBI) thinks.
So, what damning evidence have they found to support their claim? In today’s episode for 16th June 2023, we dive into what they’ve revealed in their interim order.
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