In response to an interim order passed by the Indian market regulator Securities and Exchange Board of India (SEB), Zee Entertainment Enterprises Ltd. (ZEEL) has assured to take all appropriate steps as necessary in order to ensure that the interest of the company and its shareholders is kept at the forefront.
ZEEL added that its board is currently reviewing the detailed order.
“The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI), with respect to Dr. Subhash Chandra and Mr. Punit Goenka. The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required,” R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd said on Tuesday.
“With a singular focus on enhancing the shareholder value year after year, the Board of the Company has continued to guide the management towards its strategic goals and priorities for the future. All the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront. The Board recognizes the significant contribution made by Dr. Subhash Chandra as the founder of the Company and the growth and value generation centric leadership showcased by Mr. Punit Goenka. The Board is confident that the company will continue to achieve the set goals for the future and most above, create value for all stakeholders,” he added.
Zee Entertainment Enterprises also filed an appeal with the Securities Appellate Tribunal (SAT) against SEBI’s interim order, which barred Essel Group Chairman Dr Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding the position of director or key managerial personnel in any listed company.
The matter will be heard on Thursday.
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