ZEE share price zooms 7% today; what's behind the rally in weak market?

ZEE share news: The surge in ZEE shares today came on news that market regulator Sebi has rejected a settlement application filed by Zee Entertainment Enterprises and Punit Goenka

ZEE share price, ZEE-Sebi news: Zee Entertainment Enterprises (ZEE) share price today surged as much as 7.1 per cent on the BSE in Friday’s intraday trade.

 

ZEE share price hit a high of Rs 132.8 per share in an otherwise weak market. The BSE Sensex today, for instance, is down nearly 650 points at 79,296.5 level at 11:00 AM.

 

The surge in ZEE shares today came on news that market regulator Securities and Exchange Board of India (Sebi) has rejected a settlement application filed by Zee Entertainment Enterprises (ZEEL) and its chief executive officer (CEO) Punit Goenka. The application was filed against the case of alleged violations of the Listing Obligations and Disclosure Requirements (LODR) regulations.

 

“The panel of Whole Time Members of Sebi has rejected the settlement applications and also referred the matter to Sebi for further investigation. It has been observed that subsequent to completion of investigation in the instant matter, it has been decided by the Competent Authority to proceed against the noticees under Section 11B of SEBI Act 1992,” read the Sebi order.

 

Further, Sebi has broadened the scope of investigations involving the media firm’s former chairperson Subhash Chandra. READ REPORT HERE

 

The order also comes at a time when shareholders of Zee Entertainment have rejected a proposal to reappoint Punit Goenka as director.

 

In November, 2024, the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company.

 

“Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution,” ZEE had said in its regulatory filing.

 

Remember, Sebi had barred Subhash Chandra and his son Punit Goenka from holding key positions in four group firms in August 2023.

ZEE share news

In calendar year 2024, ZEE share price tumbled 56 per cent on the BSE as against an 8.2 per cent rise in the benchmark BSE Sensex index.

 

ZEE shares cracked last year as several findings in the Sebi vs Chandra/Goenka case dashed the $10 billion merger between Zee and Japan’s Sony’s India.