Sony's Indian unit keeps running into fresh plot twists. Its plans to merge with Zee Entertainment and create a $7 billion television behemoth is in doubt after Securities and Exchange Board of India banned CEO Punit Goenka and his father Subhash Chandra from holding any key managerial positions at listed companies until further notice; the watchdog found the duo guilty of diverting funds to related companies to square off loans. Goenka is supposed to be CEO of the soon-to-be merged entity.
CEO Punit Goenka and his father Subhash Chandra from holding any key managerial positions at listed companies until further notice; the watchdog found the duo guilty of diverting funds to related companies to square off loans. Goenka is supposed to be CEO of the soon-to-be merged entity.
Zee’s stock traded just 2% lower on Tuesday and the pair are appealing the decision. The deal, in the works since late 2021, has already overcome multiple hurdles. Zee has weathered shareholder calls for a rejig of the company’s board and fromto declare it insolvent. India’s competition authorities finally cleared the merger in October subject to some conditions.
Sony may be tempted to find a way to make the deal work. After all, it is a strategic combination designed to take on Disney
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