A senior Sebi official termed the allegations as “malicious and opportunist.”
The 73-year-old alleged corruption at Sebi and called for more investigation and analysis. He alleged that one Manjit Singh—recommended to him by a bank’s chairperson—approached him in February to resolve all pending issues at Sebi for a “price.”
“I am convinced that the Sebi chairperson is corrupt since she and her husband, whose combined income was around Rs 1 crore per annum before she assumed the position at Sebi, has now gone up to Rs 40-50 crore per annum. This needs to be investigated by the media and investigating agencies, including an analysis of the settled and compounded cases and the consultation fees paid by such corporates and received by the Sebi chairperson and her connected persons. These are many ways she and her husband extort money from corporates and stock market corrupt operators and fund managers,” he alleged.
Sources said Sebi investigations against Chandra have revealed that the fund diversion from Zee is multi-fold compared to what was earlier estimated. The regulator is in the process of issuing fresh show-cause notices to Chandra and his son Puneet Goenka in the matter, sources said.
“It was Kochhar and her husband; and Madhabi Puri Buch and her husband; working in tandem, hence Madhabi Puri Buch was paid hefty sums of money by ICICI while she was the WTM at Sebi,” Chandra said.
Sebi chief did not reply to Chandra’s allegations at the time of going to press.
In an order in August 2023, Sebi had barred Chandra and his son Punit Goenka from holding key positions in four group firms. In June 2023, Sebi had also alleged fraudulent practices and fund diversion by promoters from Shirpur Gold Refinery, an Essel Group firm.
The uncertainty created by Sebi’s action against the founders had scuttled the $10 billion merger between Zee and Japan’s Sony’s India unit.
“Zee-Sony merger was progressing well, and it had got stock exchange approval. Despite the same, Sebi instructed BSE/NSE to intervene in NCLT proceedings and scuttle the merger by spooking Sony. Ultimately, the merger was terminated by Sony, which resulted in erosion of huge wealth of minority shareholders,” he said.
First Published: Sep 02 2024 | 8:49 PM IST
