India Tribunal Refuses to Lift Ban on Zee CEO From Key Roles

An Indian tribunal refused to reverse an order banning the founder and chief executive officer of Zee Entertainment Enterprise Ltd. from holding managerial positions in listed companies following accusations that they siphoned off company funds.

The Securities Appellate Tribunal declined on Monday to interfere with the order made by the country’s capital markets regulator last month, which alleged that Zee’s founder Subhash Chandra and his son Punit Goenka — the company’s chief executive — “abused their position” and faked the recovery of loans to cover for private financing deals “for their own benefit.”

The father and son may appeal the ...