Business
Zee Entertainment Shares Fall 7% After Sebi Bars Subash Chandra, Punit Goenka From Holding Directorial Roles

Shares of Zee Entertainment Enterprises fell over 6.50 per cent in morning trade on Tuesday after Securities and Exchange Board of India banned Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Limited’s (ZEEL) Punit Goenka from holding any directorial or key managerial position in any listed firm.
The stock tumbled 6.28 per cent to an intraday low of Rs 182.60 apiece on the BSE after a weak beginning.
On the NSE, it tanked 6.59 per cent to Rs 182 each share.
In the broader equity market, the 30-share BSE benchmark traded with a gain of 328.44 points or 0.52 per cent at 63,053.15.
In an interim order on Monday, Sebi barred Chandra and Goenka from holding the position of a director or key managerial personnel (KMP) in any listed company as they were involved in diverting company funds to the group’s related entities.
The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit.
In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
Sebi noted that the share price of ZEEL has come down from a high of close to Rs 600 per share to the current price of less than Rs 200 per share during the period FY 2018-19 to FY 2022-23. This erosion of wealth despite the company being so profitable and generating profit after tax consistently would lead to a conclusion that “all was not well with the company”.
Roadblock for Zee-Sony Merger
This decision by Sebi could become a major roadblock for Zee-Sony merger as Goenka is slated to be the MD and CEO of the merged company.
The merger that was expected to be completed by the first half of the current fiscal year ending March 31, 2024 has been facing one roadblock after another. Earlier, ZEEL was facing issues from its operational and financial creditors; now the merger is facing another issue.
The National Company Law Tribunal on May 11 had asked both BSE and NSE to reconsider Zee’s merger with Sony Pictures Networks India after the Shirpur Gold Refinery fund diversion case. However, the National Company Law Appellate Tribunal set aside this order.
The next hearing in NCLT will be on June 16.
International
Striking Iranian regime targets with unprecedented force: Israel Defence Minister

New Delhi, June 23: Israel’s Defence Minister Israel Katz announced Monday that the Israel Defence Forces (IDF) are currently striking with “unprecedented force” regime targets and governmental repression bodies in the heart of Tehran.
“In accordance with the directives of Prime Minister Benjamin Netanyahu and myself, the IDF is now attacking with unprecedented force regime targets and government repression bodies in the heart of Tehran, including the Basij headquarters, Evin prison for political prisoners and regime opponents, the ‘Israel Destruction’ clock in Palestine Square, the Revolutionary Guards’ internal security headquarters, the ideology headquarters, and other regime targets,” Katz posted on X.
He added, “For every shot fired at the Israeli home front, the Iranian dictator will be punished. The attacks will continue with full force. We will keep acting to protect the home front and defeat the enemy until all war goals are achieved.”
Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei on Monday issued a stern warning in his first reaction following US strikes on Iranian nuclear sites.
“The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished right now,” Khamenei said on X, calling the attacks “a big crime.”
The US strikes came after Israeli attacks on June 13 that targetted various locations in Iran, including nuclear and military sites, resulting in the deaths of senior commanders and nuclear scientists.
In response, Iran also launched missile and drone strikes on Israel.
Earlier that day, Israeli Prime Minister Benjamin Netanyahu reiterated the country’s determination to press on with its operations.
“Israel will continue to operate at full tilt in both Iran and Gaza,” he said, adding, “We will not stop this historic operation before we achieve our goals.”
International
Israel makes new raids on Iran after intercepting missile

Jerusalem, June 23: Israel conducted a new wave of airstrikes on Iran early Monday, shortly after intercepting a missile fired from Iran, said the Israeli military.
The Israeli Air Force targetted what it described as “military infrastructure sites” in Iran’s Kermanshah province, striking surface-to-surface missile launch and storage facilities, the military said in a statement. More than 15 warplanes participated in the operation.
The strikes came shortly after Iran fired a missile at Israel before dawn and triggered air raid sirens across much of the country. The Israeli military said the missile was shot down, causing no casualties or damage.
The Iranian attack followed US President Donald Trump’s suggestion of a possible regime change in Iran, as US bombers and submarines carried out heavy strikes on Iranian nuclear facilities, Xinhua news agency reported.
Earlier in the day, Iran’s Supreme Leader Ayatollah Ali Khamenei, in his first reaction following the US strikes on Iranian nuclear sites, said that the punishment for Israel, referred to as the “Zionist enemy,” will continue.
Calling the attacks “a big crime,” Khamenei warned of retaliation.
Talking to X, he stated, “The punishment continues. The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished; it is being punished right now.”
The US strikes followed Israeli attacks launched on June 13 on various targets in Iran, including nuclear and military sites, killing several senior commanders, nuclear scientists, and civilians, Xinhua news agency reported.
Iran has retaliated with missile and drone strikes on Israel.
Earlier on Sunday, Israeli Prime Minister Benjamin Netanyahu affirmed that Israel would press ahead with its operations. “Israel will continue to operate at full tilt in both Iran and Gaza,” he said, vowing not to be “dragged into a war of attrition.”
“We will not stop this historic operation before we achieve our goals,” Netanyahu stated.
Meanwhile, several reports cited that, a day after US strikes on Iran’s nuclear facilities, the Iranian parliament voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council..
The US strikes on three Iranian nuclear sites — dubbed “Operation Midnight Hammer” – in Isfahan, Fordow, and Natanz mark the first direct involvement of America in the escalating crisis between Iran and Israel.
International
Iran executes man accused of spying for Israel

Tehran, June 23: Iran on Monday executed a man found to be guilty of spying for the Israeli intelligence service, the judiciary of the Islamic Republic reported.
“Mohammad Amin Mahdavi Shayesteh was hanged this morning for intelligence cooperation with the Zionist regime,” stated the judiciary of Iran. (Zionist regime is the term used by Iran for Israel)
Shayesteh was arrested in 2023 for having alleged links to Mossad, Israel’s intelligence agency.
This comes as tensions continue to escalate between Iran and Israel.
Earlier also, on June 14, the Iranian authorities executed a man accused of espionage for Mossad.
“Israeli Mossad spy executed after full criminal trial, the verdict being upheld by Iran’s Supreme Court,” reported Iran’s Mehr news agency.
According to reports, Esmail Fekri was arrested in December 2023 during a complex intelligence operation conducted by the Iranian security agencies.
The execution comes at a time when the war between the two countries continues to intensify and has drawn global attention for threatening the peace of the entire West Asia, a region already facing massive geopolitical turbulence.
Not much information about Fakhri’s arrest, trial proceedings, or specific charges has been revealed, as cases dealing with espionage rarely provide full details, given the sensitivities attached to it.
The Mizan news agency of the Iranian judiciary reported that Fekri sought to send Iran’s classified and sensitive information to Mossad in return for money.
Iran, in late May, had also announced the execution of another individual, identified as Pedram Madani, on the conviction of spying for Israel.
The Iranian media claimed on Sunday that the police in Alborz province in the west of Tehran had arrested two people suspected of having links to Mossad. Later in the day, Israel said it had also arrested two citizens suspected of working for Iran’s intelligence services.
These cases reflect ongoing tensions between Iran and Israeli intelligence agencies, which have been engaged in covert intelligence and counterintelligence operations and have dealt a heavy blow to each other via covert operations.
The two intelligence agencies are engaged in a tit-for-tat campaign combining classic espionage, sabotage, aerial strikes and other covert assassinations.
Several reports claimed that Israeli spies were already on the ground and smuggling weapons into the hostile territory, much before the launch of airstrikes on Tehran.
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