Subhash Chandra's Battle with SEBI: Allegations of Corruption

Zee group patriarch Subhash Chandra has accused SEBI Chairperson Madhabi Puri Buch of corruption and bias, leading to his decision to cease cooperation with the regulator. Chandra claims these issues contributed to the failure of the Zee-Sony merger and has sought legal action and support from other corporate houses.

Zee group patriarch Subhash Chandra has made serious allegations against SEBI Chairperson Madhabi Puri Buch, accusing her of corruption and bias. As a result, Chandra has decided to stop cooperating with the capital markets regulator.

The Securities and Exchange Board of India (SEBI) has not provided any immediate comment. However, a source familiar with the matter described Chandra’s allegations as malicious.

Chandra, now Chairman Emeritus of Zee Entertainment Enterprises Ltd (ZEEL), is considering legal action against Buch and has called on other corporate houses to join his fight. He accused Buch of bias and urged ZEEL to stop cooperating with SEBI, alleging a pre-conceived investigation against him. Chandra also linked his issue with the SEBI Chairperson to the failure of the Zee-Sony merger.

Accusations include misconduct involving ICICI Bank, where Chandra claims Buch benefited from illegal transactions. Despite informing Finance Minister Nirmala Sitharaman, he has received no response. This controversy follows SEBI's allegation last year against Chandra and his son Goenka for misusing ZEEL’s funds and barring them from holding directorial positions in listed firms, a directive they challenged before the Securities Appellate Tribunal (SAT), which stayed the order.