Zee’s tiff with Sony started soon after Sebi in June said that Goenka and his father, Chandra, had “abused their position” and siphoned off funds “for their own benefit.”
Subhash Chandra has questioned Sony’s intent behind the now scrapped $10 billion deal despite his firm’s offer to have Punit Goenka step aside from the CEO’s post.
Chandra accused Sony of intentionally scuttling the deal, threatening criminal action against the firm, the Zee Chairman Emeritus told ET in an interview.
Chandra claimed Zee met all the terms laid out in the deal it was Sony’s “strategy all along to engage with Zee and eventually withdraw, portraying Zee as vulnerable”.
The tiff started soon after Sebi in June said that Goenka and his father, Chandra, had “abused their position” and siphoned off funds “for their own benefit.”
The regulator barred them from holding any executive or director positions in listed firms while its investigation was underway.
In October, an appellate authority gave partial relief to Goenka from Sebi’s ban, allowing him to hold these positions during the probe.
Zee saw this appellate win as a green-light for Goenka to be CEO of the merged entity, but Sony disagreed.