Seeking legal advice

New Delhi: Zee Entertainment Enterprises Ltd (ZEEL) said it is seeking legal advice on the order passed by market regulator Sebi barring the company from the securities market for two months and its Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka for one year in connection with the Hyderabad land pledge case.

The company, however, asserted that the SEBI’s order has no direct bearing on its ongoing Rs 2,300-crore fundraising exercise and it will take all necessary steps to complete the proposed capital raise. ZEEL may challenge the Sebi order before the Securities Appellate Tribunal (SAT), a quasi-judicial body, which has appellate jurisdiction to hear appeals against Sebi orders.

“The company is in receipt of the order issued by the Securities and Exchange Board of India (SEBI) and is seeking advice from legal experts on the same. The company firmly believes that the order from SEBI has no direct bearing on the fundraising exercise,” according to a ZEEL spokesperson.

The spokesperson said the company had already received regulatory approvals from stock exchanges and shareholders for the fundraising plan.

“The company would like to clarify that pursuant to the regulatory approvals received from the stock exchanges and from its esteemed shareholders at the Extraordinary General Meeting conducted on 31st July 2026, it will further take all required steps to successfully complete the fund-raising exercise, which is aimed at strengthening its financial foundation, and will also continue to work towards creating value for its stakeholders,” the spokesperson said.