'Acting with predetermined mind': Before Zee-Sony merger collapse, Subhash Chandra wrote to FM, slammed Sebi's role

livemint.com:

Zee group founder Subhash Chandra had written to Finance Minister Nirmala Sitharaman, blaming Sebi for attempting to “scuttle" the merger. In his letter, Subhash Chandra alleged the Indian market regulator of “acting with a predetermined mind" and requested the finance minister to take the necessary steps "to safeguard the interest of the minority shareholders of ZEEL".

Also Read: ZEE-Sony merger collapse: Mutual funds that have highest and lowest exposure to ZEE "My concern is the timing of this new notice, and the urgency of the same since it matches with the merger completion timeline of ZEE and Culver Max," he wrote in his letter dated January 16, as seen by PTI. He showed his concern for the new notice released by the Sebi to the former directors of ZEEL.

He pointed out towards the timing of the notice issued by the market regulator. He also mentioned that the points mentioned in the notice were already a part of the company's records that have been provided to Sebi.

The Zee group patriarch also said that ZEEL and all other people have been cooperating in the investigation linked to the alleged fund diversion by promoters and expressed concern over a new notice issued by the market regulator to former directors of ZEEL. Also Read: Zee-Sony merger: CLSA downgrades Zee Entertainment to ‘sell’, slashes target price by 34% However, he also said: "I am not suggesting that Sebi should not investigate if they have doubts of any kind".

According to PTI, Chandra alleged the regulator of working with a prejudiced mind while referring to the order passed by the appellate tribunal SAT, where a SEBI's order banning him and his son Puneet Goenka from holding key positions in any listed entity was challenged and was stayed. "I