Zee group’s founder and present Chairman Emeritus Subhash Chandra has once again pointed fingers at Madhabi Puri Buch, the controversial chief of the Indian markets regulator, accusing her of scuttling the Sony-Zee merger, which was called off earlier this year.

Accusing Buch, chairperson of the Securities and Exchange Board (SEBI), for being “corrupt” and “vindictive”, Chandra in a press conference yesterday alleged that Zee’s issues with SEBI was the “main reason” that the merger fell apart, a news report in entertainment outlet Variety stated.

A PTI report from Mumbai said the SEBI did not offer any comment immediately. However, a source familiar with the matter said that the allegations were malicious.

“All these allegations made by Mr Chandra are malicious. The facts would suggest otherwise,” the source told PTI.

Meanwhile, the Variety report went on to add that in June 2023, SEBI had barred the father-son duo of Chandra and Zeel MD & CEO Punit Goenka from holding any managerial or directorial positions in listed companies. The suspension was while SEBI carried out investigations into allegations of insider trading and alleged “siphoning” of funds.

The merger was called off in January this year and in February a Bloomberg report had alleged that SEBI had found a discrepancy of about $ 241 million in Zee’s accounts.

On Monday, Chandra, according to the Variety report, said that during the time the merger was still in progress, he had written to India’s Finance Minister telling her that Buch was acting against the Zee-Sony merger, but   got “no response” from the federal government.

“I don’t want to subject myself to this investigation by a corrupt person. You may get me investigated by anybody, any third party, any independent,” Chandra said at yesterday’s press conference, adding that  “SEBI has not been acting in the interest of investors of ZEE Entertainment”.

“The ZEE Sony merger was progressing well and they had got SEBI/ Stock exchange approval. Despite the same, SEBI instructed BSE/NSE (Bombay Stock Exchange/National Stock Exchange) to intervene in NCLT (National Company Law Tribunal) proceedings and scuttle the merger by spooking Sony. Ultimately, the merger was terminated by Sony which resulted in the erosion of huge wealth of minority shareholders,” a statement released by Chandra after the press con stated.

(Photo courtesy Subhash Chandra X account)