Zee Entertainment Enterprises Limited’s (ZEEL) share price has been hit after the company announced the formation of an interim committee, comprising senior executives, to oversee the operations.
This comes after an interim order against MD and CEO Punit Goenka and Chairman Emeritus Subhash Chandra Goenka by SEBI was upheld by the Securities Appellate Tribunal.
As per SEBI’s interim order issued on June 12, the Goenkas are prohibited from holding directorial or key managerial positions in any listed company or its subsidiaries due to alleged fund siphoning and round-tripping. The Securities Appellate Tribunal (SAT) has instructed the Goenkas to respond and submit an application to vacate the ex parte ad interim order within two weeks.
ZEEL’s share price declined by 2.42 per cent to ₹224.10 on BSE at 11:03 a.m.