SEBI Chairperson the main reason behind ZEE-Sony deal falling apart: Subhash Chandra

Essel Group Chairman and former Rajya Sabha MP Dr Subhash Chandra has levelled serious allegations against Madhabi Puri Buch, Chairperson, Sebi, at a press conference held yesterday (September 3, 2024).

Chadra accused Buch of corruption, bias and unethical behaviour. He alleged that in January 2019, Buch was among the group of people who meant to cause harm to his business group as she repeatedly ignored his requests seeking more time from a group of lenders to repay certain debts. He added that Buch even fined two mutual funds (ICICI Prudential Mutual Fund and HDFC Mutual Fund) who had granted him the time.

Levelling the charge of demanding bribe, Chandra said, “On February 17, 2024, a person known to me called, me suggesting that one Manjit Singh could help me. This Manjit Singh offered to solve the matter with Buch, demanding a three-digit crore rupee figure. At that time I kept mum, not knowing that things would pan out this way.”

He said that Manjeet Singh acted as a middleman, claiming that he could solve the matter with Madhabi and her husband.

He further alleged that SEBI had not been acting in the interest of ZEEL’s investors and that it had instructed BSE/ NSE to intervene in NCLT proceedings and scuttle the ZEE-Sony merger by driving away Sony, who ultimately terminated the merger.

In light of these allegations, Chandra said that he would not to cooperate with SEBI any further in his personal capacity and called the investigation being carried out by SEBI a “biased” one, “with a preconceived mindset of the SEBI Chairperson”.