Zee Entertainment Settles Matter Involving Delayed Disclosure With SEBI
Punit Goenka, CEO of Zee, had earlier settled an insider trading matter with SEBI in April this year.
Zee Entertainment Enterprises Ltd. settled a 2019 matter on Wednesday involving delayed disclosure of pledge invocation with SEBI by paying Rs 7 lakh.
According to SEBI, Zee delayed disclosure regarding the invocation of pledged shares in three instances in 2019 for violating the Securities and Exchange Board of India's insider trading regulations.
A probe was conducted in 2020 to ascertain the same for the period between January and December 2019. A show-cause notice was also issued for the purpose.
During the investigation, it was found that the delays were mainly in the shares held by promoters. Pending adjudication, Zee proposed to settle the matter without admitting or denying the allegations. Based on a meeting with the internal committee of SEBI, a settlement amount of Rs 7 lakh was reached. This was paid by May 2023.
Punit Goenka, chief executive officer of Zee, had earlier settled an insider trading matter with SEBI in April this year. Goenka was accused of violating the provisions of the insider trading regulations between September 2019 and December 2020 for failing to identify the launch of ZEEPLEX—a pay-per-view service—as price sensitive, according to the regulator.
