Subhash Chandra, the chairman of Zee Entertainment’s parent firm, Essel Group, accused the Securities and Exchange Board of India‘s Madhabi Puri Buch of corruption and derailing Zee’s merger with Sony India.

Zee’s shares were trailing at the bourses today after the allegations were levelled.

What Happened: In a rare press interview on Monday, Chandra accused the SEBI chief of various wrongdoings including corruption, intimidation and misuse of power, leading to the collapse of the company’s merger with Sony that fell apart in January.

“SEBI has not been acting in the interest of investors of Zee Entertainment. The Zee-Sony merger was progressing well and they had got SEBI, 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,” Chandra said in a statement.

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Furthermore, Chandra said that going forward he will not cooperate with SEBI in his personal capacity, stating that the organisation no longer commands his respect. He also urged Zee Entertainment to discontinue its cooperation with SEBI.

Accusing Buch of corruption, he said that the SEBI head and her husband’s combined income multiplied by about 50 times she took office in her current capacity. Chandra has called for an investigation by relevant agencies into this matter, including an analysis of settled or compounded cases and the consultation fees paid by corporations and received by the SEBI chairperson and her associates.

He also accused Buch and her husband of extorting money from corporates, corrupt stock market operators, and fund managers through various means.

On Monday, a politician from the Congress party accused Buch of drawing a regular salary from ICICI Bank despite being a full-time member of SEBI. The bank has released a statement refuting the allegations.

Madhabi Buch has been under fire since the release of a report by U.S. short-seller Hindenburg Research in August, accusing Buch of holding stakes in offshore entities implicated in the Adani money siphoning scandal.

Price Action: Shares of Zee Entertainment plunged 3% to ₹137.70 on Tuesday afternoon.

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