India’s capital market regulator, SEBI had prohibited the Essel group MD and CEO Punit Goenka son of and the Chairman Subhash Chandra Goenka, from their directorial and managerial positions. This has led to a major fall of their shares, in the National Stock Exchange, which plunged over 6% on Tuesday. This action of SEBI, was due to an accusation of the father and son duo, who used the finances of the company for their personal benefits and laundering the money. The order was sent to the Goenka’s on Monday, and they have a period of 21 days to revert back with the necessary proofs, until which their current positions in the Entertainment media company will be frozen.
The managing partner of a law firm, Capstone Legal, Ashish Singh has said that, this being an interim order can be later altered if the proper clarifications are produced by the both of them.
However, the stock prices of ZEEL entertainment faced a 79.60 price fall at a subsequent time.
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