Revelations Unveiled: Dr. Subhash Chandra’s Shocking Allegations Against SEBI Chairperson
He stated, “On January 25, 2019, when ZEE shares dropped by 33% and we were unable to meet the margin call, I issued an Open Letter (copy enclosed) for the public’s benefit. This letter highlighted:
All of the Group’s operating companies were performing exceptionally well and were under no financial stress. The letter further explained the reasons behind the increased debt at the Group level, such as investments in Essel Infra and the acquisition of D2H. It also mentioned that since May/June 2018, negative forces had been working against the Group. Despite filing numerous complaints with SEBI and other authorities, no action was taken. I urged lenders to remain patient, assuring them that I would repay their dues once the ZEE stake sale was completed.
Chandra has alleged that, the Chairperson of SEBI, Madhabi Puri Buch was one of those negative forces who scuttled the ZEE – SONY merger.
Some of the key points made by Chandra at the press conference-
He goes on to add “On February 17, 2024, I was approached by a person named Manjit Singh, who came with a reference from someone I know, offering to resolve my issues with SEBI. Although I usually avoid such meetings, I met with him because of the reference. He claimed that the work would be done through Madhabi Puri Buch and her husband and that all SEBI issues would be resolved for a price. Despite his assurances and the suggestion that a three-digit payment would be insignificant given my debt repayments of over Rs. 30,000 crore, I was skeptical.”
“However, in light of recent revelations from Hindenburg and ICICI Bank about Madhabi Puri Buch and her associates, it seems that the claims made by Manjit Singh might have been accurate. This might be the modus operandi in several cases that have been settled or adjudicated through compounding with a light touch.”
“I am convinced that SEBI’s Chairperson is corrupt. Before assuming her position at SEBI, she and her husband had a combined income of around Rs. 1 crore per annum. That figure has now soared to Rs. 40-50 crore per annum. This requires a thorough investigation by both the media and investigative agencies, including an analysis of the cases that have been settled or compounded and the consultation fees paid to SEBI’s Chairperson and her associates. They are using various methods to extort money from corporates, corrupt stock market operators, and fund managers.”
I have been informed that if someone were to access communications and messages between individuals like Chanda Kochhar and Madhabi Puri Buch, their modus operandi would be exposed. It appears that Chanda Kochhar and her husband, along with Madhabi Puri Buch and her husband, worked in • tandem. This could explain the hefty sums of money paid to Madhabi Puri Buch by ICICI while she was a Whole Time Member at SEBI.
• I have received messages from editors warning that Zee Business and other Zee Media channels’ transparent and ongoing coverage of SEBI’s Chairperson could have adverse effects on the promoters and publishers of Zee channels. SEBI’s Chairperson has reportedly voiced similar concerns in various internal meetings.”
• During Bombay High Court proceedings, I accessed an internal SEBI email in which an Investigating Officer wrote to his team members just hours after receiving a detailed response from Zee. The email stated, ‘Analyse the reply in detail. This would be the primary defense of the Company and its promoters on all allegations against them. We need to shred their contentions,’ as if there were standing instructions from Madhabi Puri Buch to target me and my family.”
• SEBI has not acted in the best interests of ZEE Entertainment investors. The ZEE-Sony merger was progressing smoothly and had received SEBI/Stock exchange approval. Despite this, SEBI instructed BSE/NSE to intervene in NCLT proceedings and derail the merger by alarming Sony. Ultimately, the merger was terminated by Sony, resulting in significant losses for minority shareholders.
In light of the above, I have decided to cease cooperating with SEBI in my personal capacity. They no longer command my respect. I urge Zee Entertainment to also stop cooperating with SEBI, as this investigation is biased and conducted with a preconceived mindset by the SEBI Chairperson.”
