MUMBAI: In an unusual move, a Sebi committee on Thursday rejected an offer for settlement of investigation proceedings against
Zee Entertainment
, its former chairman
Subhash Chandra
and former MD
Punit Goenka
. The panel has instead asked Sebi’s adjudicating officer to incorporate the new findings that the regulator had unearthed during its investigations in the matter and send a fresh
show cause notice
to the three entities.
In effect, this order of the committee further expanded the scope of Sebi’s ongoing investigations into the matter.
Sebi investigations were related to
listing norm violations
by the media company and two of its former top executives. An initial show cause notice was issued to the three entities in July 2022, the order noted.
