Zee to approach SEBI against Padmalaya promoters

MUMBAI/NEW DELHI: Zee Telefilms will be seeking market regulator Securities and Exchange Board of India's (SEBI) intervention for action against promoter shareholders of Padmalaya.

This relates to the alleged misappropriation of a substantial amount of shares that Padmalaya Enterprises Private Ltd (PEPL) held in Padmalaya Telefilms Ltd (PTL).

"We may write to SEBI and other regulatory authorities for the founder-promoters fraudulent misappropriation of PEPL's 6. 265 million shares in PTL to other lenders," a senior Zee official tells

Padmalaya companies' chairman and managing director GA Seshagiri Rao dismisses Zee's allegations as false claims. "The loans were raised with the full knowledge of Zee. I was only a nominee of Zee. The management control is with them and they have other representatives on the board."

The Zee official, however, has put the charges back on Rao. "Has he brought these matters to the board? These issues were never discussed in the board. Nor were they disclosed in the filings to SEBI and the stock exchanges."

Zee, meanwhile, has issued a circular today to all employees of PEPL and PTL stating "not to be misguided by any rumours emanating from interested quarters."

According to the circular, a copy of which is available with the, "Attempts were made by ZTL during the last two months to ensure that those who have done fraudulent acts and deeds shall make good the losses suffered by the stakeholders, including employees. They accepted that their fraudulent acts have resulted in substantial losses and agreed to make good the loss. But they have gone back on their commitments."

Yesterday, Zee had said it would take legal action against Rao and promoter shareholders. ZTL's interest in PTL through a 64 per cent stake buy in holding company Padmalaya Enterprises Private Ltd. stands at the crossroads with these allegations of misappropriation made against Rao and other shareholders. The misappropriation of 6.265 million shares of PTL held by PEPL has brought down Zee's indirect interest in PTL from about 33 per cent to around 13 per cent, according to ZTL.

The circular repeats some of the allegations levelled by ZTL yesterday against those entrusted with managing the two Padmalaya companies saying that "since the time of signing of the shareholders' agreement, ZTL has always entrusted all responsibilities and authorities to Mr. Seshagiri Rao and his other family members."

The chief finance office of Padmalaya, a ZTL nominee, who issued the circular today on behalf of Zee, has also stated that "under the circumstances," he will not be available to "supervise" the financial functions of the (Padmalaya) companies. This decision has also been communicated to Rao, the circular adds.

Latest Reads
3rd Sahitya Aaj Tak India’s largest Hindi Literature Festival promises a grander & a bigger show

Aaj Tak, India’s No. 1 Hindi news channel with over 25 crore viewers (Source: BARC, TG:2+,Mkt:HSM, Period: W29'18-W32'18,) kicks-off the third edition of its annual mega Hindi literature festival - Sahitya AajTak .

Television TV Channels News Broadcasting
Excitement Tenfold as Nickelodeon India Brings a Week of fun to celebrate children’s day

The memories that we make as children always set path for the adult in us.  Nickelodeon, India’s leading kids’ entertainment franchise by Viacom18

Television TV Channels Kids
The Irwin Family -Terri, Bindi and Robert - come home to Animal Planet in ‘CRIKEY! IT’S THE IRWINS’ which premiers in India on November 15 at 9 PM IST

Lace up your boots because you’re about to embark on the journey of a lifetime with the family that’s bringing khaki back.

Television TV Channels English Entertainment

MUMBAI: A new study on type 2 diabetes (T2D) patients in India finds that obesity among diabetics is on the rise. The same study also revealed that majority of patients prefer to have fewer large meals as opposed to more frequent small meals which are more diabetes friendly The results are part of...

Television TV Channels News Broadcasting
Cartoon Network celebrates 20 years of heroic supremacy of The Powerpuff Girls in November

Cartoon Network, home to the three fabulous superhero sisters, Blossom, Bubbles and Buttercup rings in 20 glorious years of ‘The Powerpuff Girls’ this November. Cartoon Network India along

Television TV Channels Kids
Eros International acquires highly anticipated Telugu film Amar Akbar Anthony

Eros International Media Ltd, a leading global company in the Indian film entertainment industry, in association with Mythri Movie Makers will be releasing Telugu action entertainer Amar Akbar Anthony.

Television TV Channels Music and Youth
Republic TV continues to dominate English news genre: BARC week 44

In the Hindi news (U+R) genre, Zee News climbed two slots to the third position in week 44 of BARC ratings. Aaj Tak yet again stood on top in all the three genres. Republic TV continues its dominating streak in the English news genre.

Television TV Channels Viewership
Essel Group engages Goldman Sachs to sell half its stake in Zee Entertainment

Mumbai: 13th November 2018, Subhash Chandra and family along with its advisors met in Mumbai over the Diwali weekend to undertake a strategic review of its businesses in view of the changing global media landscape. The strategic review underscored the importance of technological advancements such...

Television TV Channels GECs
Get ready to go on a Royal Journey with FYI TV18’s ‘Royal India with Samira’

Ever wondered what Maharaja’s at their Royal palaces eat for their dinner? From understanding what all goes into the making of a royal meal to stealing some royal recipes, Samira is all set to take you for a Rich Food adventure.

Television TV Channels Factual @ Discovery

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories