ZEE Entertainment Enterprises Limited (ZEEL) saw its share price rise to a high of ₹132.8 per share, defying a weak market trend. The surge followed news that the Securities and Exchange Board of India (SEBI) rejected a settlement application filed by ZEEL and its CEO, Punit Goenka.SEBI dismissed show-cause notices against ZEE, Subhash Chandra, and his son Punit Goenka for alleged violations of regulatory norms. The decision was outlined in a three-page order issued on Thursday.“The panel of Whole Time Members of SEBI has rejected the settlement applications and referred the matter for further investigation. It has been decided by the Competent Authority to proceed against the noticees under Section 11B of the SEBI Act 1992,” the order stated.Additionally, SEBI has expanded its probe into the media company, particularly focusing on the actions of its former chairperson, Subhash Chandra.The developments signal heightened regulatory scrutiny, but ZEE’s stock performance suggests that investors remain optimistic.
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