Winning Bizness Desk

Mumbai. ZEE founder Subhash Chandra has leveled serious accusations against SEBI Chairperson Madhabi Puri Buch, alleging corruption, bias, and unethical behavior. In a statement, Chandra claimed, "I believe SEBI Chairperson is corrupt," citing a dramatic increase in her and her husband's income since she assumed office at SEBI. According to Chandra, their combined annual income, which was approximately ₹1 crore before her appointment, has allegedly surged to ₹40-50 crore. He called for a thorough investigation by the media and relevant agencies, focusing on settled cases, compounded cases, and consultation fees paid by companies. Chandra further alleged that Buch and her husband are involved in extorting money from companies, corrupt market operators, and fund managers. In response, a SEBI official dismissed Chandra's allegations, describing them as "opportunistic" and "completely baseless."

ZEE-Sony Merger Breakdown Attributed to SEBI's Actions

In addition to his corruption claims, Chandra also blamed Madhabi Puri Buch for the collapse of the $10 billion merger between ZEE Entertainment and the Indian unit of Japan's Sony. He alleged that SEBI's interference led to the cancellation of the merger, which had been progressing smoothly with approval from the stock exchanges. Chandra accused SEBI of directing BSE and NSE to intervene in the NCLT proceedings, thereby intimidating Sony and causing them to withdraw from the merger. He claimed this decision resulted in significant losses for small shareholders.

Accusations Involving ICICI Bank

Chandra further accused Buch of having close ties with former ICICI Bank CEO Chanda Kochhar, alleging that Kochhar provided "huge amounts" of money to Buch and that the two were in frequent contact. Chandra stated, "It has come to light this morning that she was taking crores of rupees illegally from ICICI Bank." These allegations come in the wake of SEBI's ongoing actions against Chandra and his family. In August 2023, SEBI barred Chandra and his son, Punit Goenka, from holding key positions in four group companies following allegations of fraud. Earlier, in June 2023, SEBI had accused the promoters of Shirpur Gold Refinery, an Essel Group company, of fraud and fund diversion. The accusations by Subhash Chandra have ignited a fresh wave of controversy, but the claims remain unsubstantiated, and SEBI has yet to issue an official response to these specific allegations.