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Sony's Zee-starring TV script for India now looks like a farce
Mint Mumbai
|June 21, 2023
The Japanese company has wasted two years on a troubled deal
Sony Group thought it had a strong script to woo audiences in the world's most-populous country, but the merger that was going to make it the leader of India's TV entertainment market was perhaps doomed from the start. By pursuing it for almost two years, the Japanese company has become an unwitting actor in a farce. It should cut its losses and walk.
The Securities and Exchange Board of India (Sebi) alleged last week that Zee Entertainment Enterprises Ltd (ZEEL), the Mumbai-based media house Sony wants to combine with, had faked the recovery of loans owed by its founder Subhash Chandra's private entities. He and his son Punit Goenka had siphoned off funds "for their own benefit," Sebi said, barring them from executive or directorial positions in listed firms. Chandra and Goenka, Zee's chief executive, have appealed the order on the grounds that the regulator didn't hear their side of the story. Sebi has doubled down by filing a 197-page reply.
Dit verhaal komt uit de June 21, 2023-editie van Mint Mumbai.
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