Sony Pictures Entertainment said Wednesday it took the Indian markets regulator’s order banning Zee Entertainment’s founder and CEO from board posts “seriously” and will continue to monitor developments that may influence its arrangement with Zee.
Sony’s first remark after the Securities and Exchange Board of India (SEBI) banned Zee Group Chairman Subhash Chandra and CEO Punit Goenka for a year last week said they aggressively diverted company funds to the group’s associated firms.
Chandra and Goenka appealed to the SAT.
The restriction follows concerns over a delay in Zee Entertainment’s (ZEE.NS) merger with Sony Corp’s (6758.T) local unit.
