After Goenka ban, Zee forms panel to run ops

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The board of Zee Entertainment Enterprises Ltd (ZEEL) has formed an interim committee of senior executives to run operations at the company after managing director and chief executive Punit Goenka failed to get relief from the Securities Appellate Tribunal (SAT) against an order by markets regulator that barred him from holding any key position in any listed company. In an order passed on 12 June, Sebi had barred Goenka and father Subhash Chandra from holding any key managerial positions in any listed entities for alleged siphoning off funds.

Air India writes off Rs 7,000 cr in FY23 Air India incurred significant write-offs amounting to an estimated ₹7,000 crore during the financial year 2022-23. According to a media report, these were primarily attributed to the carrier’s faulty aircraft and engines, as well as losses incurred by low-cost airline AirAsia India. The report says despite these, Air India managed to reduce its losses and achieve positive earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs at an operating level. Air India, along with its subsidiary Air India Express, achieved EBITDAR positivity and neared breakeven after meeting lease rental obligations in the first year. AirAsia India accounted for most of the losses, with the net loss for the year estimated to be slightly over ₹2,500 crore. This marks a significant improvement compared to the previous financial year when the airline reported a loss of ₹19,556 crore.