SAT permits Zee Entertainment ₹3,143cr raise with weeklong penalty deadline
Zee Entertainment just got the green light from the Securities Appellate Tribunal (SAT) to raise ₹3,143 crore, but only if it pays SEBI's penalty within a week.
While Zee can move forward with its fundraising, it's still blocked from accessing the securities market for two months.
Plus, promoter Subhash Chandra and CEO Punit Goenka face an extra one-year ban.
Zee allowed limited mutual fund use
Even with the ban, Zee can use its mutual fund stash for key business needs like paying vendors and making films (but no dividends or non-business spending).
The fundraising deadline is now pushed back by a week.
This whole situation started when SEBI found out Zee had allegedly used company property as security for loans taken by promoter-linked private companies in December 2018, without telling shareholders or making proper disclosures.