Question
The Securities and Exchange Board of India (SEBI) has
debarred Zee Entertainment Enterprises (Zee) promoter and Essel group Chairman Subhash Chandra and MD & CEO Punit Goenka from holding key positions in any listed company for allegedly diverting assets of Essel Group companies amounting to ______.Solution
The Securities and Exchange Board of India (SEBI) has debarred Zee Entertainment Enterprises (Zee) promoter and Essel group Chairman Subhash Chandra and Managing Director (MD) and Chief Executive Officer (CEO) Punit Goenka from holding key positions in any listed company for allegedly diverting assets of Essel Group companies.The matter pertains to the Letter of Comfort (LoC) granted by Chandra in September 2018 towards credit facilities taken by certain group companies from YES Bank. The credit amounted to Rs 200 crore.The allegations are that these guarantees were given without approval from the board and were used to siphon off funds by the promoters.
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