Separately, the Securities and Exchange Board of India (SEBI) issued a final order against ZEEL, its MD and CEO Punit Goenka, and promoter Subhash Chandra. The action was taken in connection with the use of ZEEL's Hyderabad property as collateral for loans taken by four Essel Group entities. SEBI found that these borrowings were secured without approval from ZEEL's Board and Audit Committee.