Respond to Sebi Summons: High Court Directs Zee Founder Subhash Chandra
Mumbai: In a recent development, the Bombay High Court directed Zee founder and chairman emeritus, Subhash Chandra, to provide the documents requested by SEBI following a summons issued on March 27 in a fund diversion case.
The court issued a verbal order instructing Chandra not to respond to SEBI’s previous summons dated January 12 but to specifically address the requests outlined in the March 27 summons. A more detailed order is expected to follow.
SEBI had accused Chandra of attempting to impede the investigation by ignoring the January summons. Chandra, through a writ petition, challenged the validity of the January summons, claiming they did not adhere to the provisions of the SEBI Act and contained prejudiced allegations resembling a show cause notice. Subsequently, after Chandra’s non-compliance with the January summons, SEBI reissued summonses on March 27. Chandra’s legal representative confirmed on Wednesday that the requested documents from the March summons will be provided within four weeks.
