Sebi Grants 3-week Reprieve To Zee's Subhash Chandra In Fund Diversion Case: Report
Concerning the alleged fund diversions case involving Zee Entertainment Enterprises' Chairman Emeritus, Subhash Chandra, the Securities and Exchange Board of India (SEBI) has informed the Bombay High Court that it will refrain from taking any action against him for a period of three weeks.
Chandra had petitioned the court, asserting that Sebi's summons suggested a prejudiced stance, implying that the matter had already been decided conclusively.
According to media reports, the division bench overseeing the case has instructed Sebi to present its response within two weeks. Consequently, the court has adjourned the proceedings for three weeks.
Earlier, SEBI had accused Zee Entertainment Enterprises (ZEEL) of engaging in fund diversions amounting to Rs 2000 crore. ZEEL promptly refuted these allegations, denouncing them as baseless and inaccurate.
