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
Nat Geo to showcase 'Before The Flood' TVC-free

On the heels of last Friday’s theatrical release of the critically acclaimed film 'Before the Flood' in New York and Los Angeles, National Geographic Global Networks CEO, Courteney Monroe, shared the network's plans to premier the show commercial free across digital and streaming platforms around...

Television TV Channels Factual & Documentary
Disney India acquires rights of 'Freaktown'

Disney India has acquired the Canadian animated comedy series 'Freaktown' from Portfolio Entertainment. Broadcasters in the UK and Denmark have also acquired the rights for the same movie.

Television TV Channels Kids
ZMCL to demerge print biz into DMCL, list; approves new home shopping channel

The board of directors of ZMCL has inter alia approved a draft of Scheme of Arrangement and Amalgamation for demerger of print media undertaking of the company into Diligent Media Corporation Limited (DMCL), merger of Mediavest India Private Limited and Pri Media Services Private Limited into DMCL...

Television TV Channels News Broadcasting
DD D-G Sahu elected Asia-Pacific Broadcasting vice-president

Doordarshan Director General Supriya Sahu has been elected as the new vice-president of the Asia-Pacific Broadcasting Union. The election was held during the 53rd annual Asia-Pacific Broadcasting Union General Assembly hosted by the Indonesian public broadcaster RRI,

Television TV Channels People
Star Movies presents 'Films To See...' every weekday starting 7 Nov

Star Movies Select HD has been staying true to its promise of impeccable curation by showcasing the best. Star Movies sets standards of storytelling high inspiring a lot of others to try and re-invent the art of movie showcasing business.

Television TV Channels English Entertainment
Q2-17: Zee Media operating profit up

BENGALURU: The Essel Group’s news network Zee Media Corporation Limited (ZMCL) reported more than double (2.47 times) year-over-year (y-o-y) operating profit (Simple EBIDTA) for the quarter ended 30 September 2016 (Q2-17, current quarter) . The company reported EBIDTA of Rs 18 crore (14.3 per cent...

Television TV Channels GECs
National Geographic Channel to undergo major rebranding

MUMBAI: Come 14 November and the National Geographic Channel will have a new shortened sobriquet. The word channel will disappear from its name and it will be simply known as National Geographic and a new tagline “Further.” The change is expected to take place simultaneously across all the 445...

Television TV Channels Factual & Documentary
Maha Cartoon targets 65 per cent rural HSM via DD FreeDish, 2000 LCOs

Who can forget the Charlie Chaplin show which entertained the world audience of all ages. Maha Cartoon, the first free-to-air (FTA) Hindi cartoon channel targeted at the Hindi-speaking markets (HSM), will be launched on India's largest DTH platform DD FreeDish on 1 November. The new Maha Cartoon...

Television TV Channels Kids
Vikram Chandra steps down; KVL Narayan Rao is new NDTV group CEO

The rumours that were making rounds of Vikram Chandra quitting NDTV have now been put to rest.

Television TV Channels People

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories