The Enforcement Directorate (ED) has been asked to probe into the alleged violations of Foreign Exchange Management Act (Fema) by Zee Telefilms.
The Reserve Bank of India (RBI) is understood to have furnished the available information to ED in connection with alleged violation of exchange control regulations by Zee Telefilms in connection with advertisement in foreign media.
ED is also looking into the alleged misuse of EEFC accounts by certain exporters by way of remitting money into foreign TV media including ZEE TV.
Though RBI has not detected any Fema violation in remittances by Zee Telefilms on the sale of shares by the Zee chairman, Sebi has smelled foul in the manner in which Zee remitted funds to Mauritius.
Sebi has already detected that Delgrada Ltd was issued 1,75,51,880 shares of Zee Telefilms of Rs 10 each (later split into face value of Rs 1 each) on acquisition of Zee Multimedia Worldwide by Zee Telefilms.
The 100 per cent beneficiary of this OCB is reported to have been the chairman of Zee Telefilms, Subhash Chandra.
According to Sebi, a large number of shares of Zee Telefilms were sold by this OCB and proceeds of about Rs 450 crore were remitted to Mauritius.
While investigations into Zee Telefilms is on, Sebi has also come across the nexus between Zee and Ketan Parekh.
According to the Sebi report, around Rs 515 crore has been given by Zee group to entities connected with Ketan Parekh during January 2000 and March 2001.
Investigations have also revealed that Rs 200 crore of the Rs 550 crore has been taken by Zee group from Global Trust Bank and given to Ketan Parekh.
Utilisation of these funds is being investigated and details have been called from stock exchanges, depositories, brokers, clients etc.
The DCA has also been informed to look into possible violation of provisions of companies act by Zee.
