Subhash Chandra Accuses SEBI Chair Madhabi Puri Buch of Corruption, Blames Her for Zee-Sony Merger Failure

Dr. Subhash Chandra, Chairman Emeritus of Zee Entertainment Enterprises Ltd. (ZEEL), has made serious allegations against Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI). Chandra accuses Buch of corruption and unethical behavior, claiming she is largely responsible for the collapse of the Zee-Sony merger and has attempted to harm other affiliated companies.

In a recent statement, Chandra asserted that Buch’s actions were the main obstacle to the merger, which aimed to form one of India’s largest media and entertainment conglomerates. According to Chandra, Buch’s interference led to the deal’s failure, especially by pressuring his son, Punit Goenka. Chandra further accused Buch of advising his son to distance himself from the media tycoon before their questioning.

Chandra also recounted an alleged incident from 2019 where he sought an extension for loan repayments. He claimed Buch refused to grant this extension and imposed penalties on those who had agreed to defer repayments. He accused a middleman, Manjit Singh, of demanding a bribe to resolve the matter with Buch and her husband.

Chandra highlighted claims from a recent Hindenburg Research report, which alleged that Buch and her husband concealed details of her foreign investments in Adani Group-linked funds by transferring them to her husband. Chandra questioned the substantial increase in Buch’s income since assuming the SEBI chairmanship, alleging corruption and extortion.

Additionally, Chandra implicated Buch in a connection with former ICICI Bank CEO Chanda Kochhar, alleging that Buch was involved in illicit financial dealings with Kochhar and that ICICI Bank was paying her salary.

Chandra has announced his intention to cease cooperation with SEBI and pursue legal action against Buch. He has also contacted Finance Minister Nirmala Sitharaman, seeking intervention but has yet to receive a response.