Zee Group Chairman Subhash Chandra on Monday informed the police that he is prepared to appear before them in connection with the alleged extortion bid by two senior editors of his channel within four days of notice.
Debt funds have exposure of nearly Rs 8,000 crore to Zee group papers. Aditya Birla MF, HDFC MF, Franklin Templeton MF, and ICICI Prudential MF have the highest exposure, reports Samie Modak.
Media giant Zee Group on Wednesday announced diversifying into the energy sector, beginning with a Rs 3,500 crore (Rs 35 billion) gas-based power plant in Haryana.
Days before Sony Group pulled the plug on the $10 billion deal, Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for trying to "scuttle" the merger of its flagship media firm Zee Entertainment Enterprise with the Japanese firm and subsequent investment in the merged entity. Alleging market regulator Sebi is "acting with a predetermined mind", the Zee group patriarch requested the finance minister to take the necessary steps "to safeguard the interest of the minority shareholders of Zee". Chandra in his letter dated January 16, seen by PTI, said Zee and all other people have been cooperating in the investigation related to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of Zee.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
In the cable business, the group is connecting directly with subscribers by taking control of last-mile connections and has lined up Rs 500 crore as infrastructure investment.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
Zee and its lenders had decided to enter into an agreement to not offload the pledged shares amid a sharp slide in the prices of the underlying securities during end-Janury. The terms give the lenders a greater say, upside benefit from the proposed strategic sale, more cover and personal guarantee.
'People want to know the life led by those living in Pakistan.'
The promoters expect to get Rs 9,000-10,000 crore from the sale of their assets
Stocks of companies where promoters have pledged a high percentage of shares, like the Zee group, can be volatile. Such stocks are also prone to rumours, reports Sanjay Kumar Singh.
The last edition of the 14-year-old morninger, which had already stopped from Delhi and other centres earlier, will come out on Thursday from Mumbai and Ahmedabad, the broadsheet owned by Zee group's Subhash Chandra's Essel group said.
The Delhi police on Thursday refused to give any assurance in a court here that Zee Group Chairman Subhash Chandra and his son will not be arrested, if their complicity comes up during probe in connection with the alleged Rs 100 crore extortion bid from Naveen Jindal's firm by two editors of his channel.
'Why are FMPs used as a vehicle for promoter funding against listed shares?' asks Debashis Basu.
'My legal battle is no longer about Mr India. It is about directors's rights over their films.'
Zee Group's direct-to-home arm Dish TV said on Monday its promoters would infuse up to Rs 750 crore (Rs 7.5 billion) into the company by subscribing to preference shares.
Zee Group is India's second-largest media and entertainment firm.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
Zee Group Chairman Subhash Chandra on Saturday appeared before the police for questioning in connection with the alleged Rs 100 crore extortion bid by two Zee editors from Congress MP Naveen Jindal's company for not airing news damaging to it.
The explosion in online video consumption is pushing TV and film companies to fine-tune their internet strategies.
A Delhi court on Saturday reserved its order for Monday on bail pleas of two Zee group editors, arrested for their alleged roles in the case of Rs 100 crore extortion bid from Congress MP Naveen Jindal's firm.
A Delhi court on Friday extended till December 20 the interim protection from arrest granted to Zee Group Chairman Subhash Chandra and his son in the case of alleged Rs 100 crore extortion bid from Congress MP Naveen Jindal's firm by two editors of the news channel.
Zee Group Chairman Subhash Chandra's plea for undergoing lie detector test on the advice of his doctors and in the presence of his lawyer was allowed by a Delhi court in a case of alleged Rs 100 crore extortion bid from Congress MP Navin Jindal's firm.
Zee Group Chairman Subhash Chandra, named in the FIR lodged in the alleged Rs 100 crore extortion bid from Naveen Jindal's firm, on Wednesday agreed before a court in New Delhi to undergo lie-detector test but his two arrested editors refused to do so.
Delhi court has issued warrants to produce two Zee News editors before it on December 8, on a plea by the police for their custody.
A court in New Delhi told the police to give ten working days time to Zee Group Chairman Subhash Chandra and his son if it wants to arrest them in the case of alleged Rs 100 crore-extortion bid from Congress MP Naveen Jindal's firm by two editors of the news channel.
After spending 20 days in jail, two Zee group editors were granted bail on Monday by a Delhi court in the case of alleged Rs 100 crore extortion bid from Congress MP Naveen Jindal's firm.
The hearing on bail pleas of Zee group editors, accused of attempting to extort Rs 100 crore from a firm of Congress MP Naveen Jindal, was deferred on Saturday by a Delhi court to December 3 due to absence of the prosecutor and the investigating officer.
DB Corp, which publishes the country's second most widely read paper Dainik Bhaskar, has been gradually reducing its stake in DNA and wants to focus on the growth in regional markets.
Students need an opening and firms want juniors who'll fit, without spending time and effort in hiring. Online portals are filling the gap.
In a landmark deal announced in Mumbai, Star Den Media Services Pvt Ltd and Zee Turner Ltd will form a joint venture to combine distribution of their respective channel bouquets in India.
Zee's revival taught him that professionalising is fine but shareholders can never forfeit responsibility.
Broadcast tribunal TDSAT on Wednesday dismissed petitions of two Zee group firms Dish TV and WWIL seeking signals to operationalise HITS platform, while coming down heavily on the government for not bringing proper guidelines for its implementation.
It has been known for long that The Times Group (Bennett, Coleman and Company) is the largest. While the News Corporation-owned Star Group briefly lay claim to number two spot, it is now clear that Subhash Chandra's Zee is way ahead of its former partner and now arch rival. At Rs 3,732 crore, the Zee Group is India's second-largest media firm.
The rebel tournament of Zee group chief Subhash Chandra, the Indian Cricket League, is set to take birth at Chandigarh's Tau Devi Lal stadium on Friday.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
ICL, which is primarily a television property for the Zee group, kicks off on November 30 and is yet to find advertisers.
This means that if Star TV's bouquet of 14 channels is priced at Rs 88 in non-CAS areas (70 million cable TV homes), it can charge only Rs 44 or less from existing DTH operators like Tata Sky, Dish TV and new entrants like Big TV, Bharti and Sun Direct. But all broadcasters are charging more from DTH companies than from non-CAS cable homes.
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