Subhash Chandra, the founder of the Zee Group, has levelled serious allegations against Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI). Chandra has accused her of bias, corruption and unethical behaviour. The allegations revolve around SEBI’s role in blocking the highly anticipated merger between Zee Entertainment Enterprises Ltd and Sony Pictures Networks India.

As per reports, Chandra claims that SEBI, under Buch’s leadership, acted with bias and unfairness in its decision-making process regarding the merger. According to Chandra, the regulatory body’s actions have not only hindered the merger but also indicate a pattern of corruption and partiality.

The Zee-Sony merger, which was initially celebrated as a strategic move to consolidate market position and expand content offerings, has faced scrutiny and delays attributed to regulatory hurdles. Chandra’s allegations suggest that these regulatory challenges were not merely procedural but were influenced by personal and institutional biases.

The legal challenge filed by Chandra argues that SEBI’s decision was not only unjust but also undermines the interests of shareholders and stakeholders involved in the merger. This move has introduced a new layer of complexity to the merger process, which had already been marred by regulatory and approval delays.

Chandra also claims that he had written to Finance minister Niramala Sitharaman but didn’t receive any response.

As of now, SEBI has not publicly responded to these allegations. The regulatory body is expected to provide its official stance and address the claims made by Chandra in the near future. SEBI’s response will be crucial in determining the next steps in the legal and regulatory battle surrounding the Zee-Sony merger.

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