The SEBI order bars Goenka from holding any executive position at Zee or its subsidiaries while the market regulator completed its investigations.
While the Zee-Sony merger has received all its clearances, uncertainty around Goenka’s fate remains.
One of the key terms of the merger was appointing Goenka as the head of the merged entity. The Zee-Sony merger has already been delayed for more than two years because of legal wrangles. If after eight months, SEBI concludes that Goenka had indeed misappropriated funds, he is likely to be permanently barred from holding the top executive position at Zee as well as in the merged entity.
So far, the merger plans have not changed, despite Goenka’s travails with SEBI.
Sony has not yet declared the replacement for Goenka to lead the merged entity. Goenka has also mentioned that the merger will continue with or without his consent.
The matter will be heard on August 30.
–Ajit Weekly News
arm/
News Credits – I A N S
