NEW DELHI : The board of administrators of Zee Leisure Enterprises Ltd (ZEEL) has expanded and strengthened the function of the unbiased advisory committee arrange final week to evaluate and look at all allegations raised by the regulatory businesses towards the corporate, its promoters and key managerial personnel by means of a deep-dive train.
The committee will take essential measures to analyze the allegations, with the only curiosity to guard the rights of the corporate’s shareholders and different stakeholders, ZEEL mentioned in an announcement on Tuesday. “…After finishing the abovementioned train, the committee will submit its report back to the Board with its suggestions and recommend actions required to be undertaken by the Board. The Committee also can appoint or rent some other unbiased exterior company to help it to fulfil its constitution,” the assertion added.
The panel shall be chaired by Justice Satish Chandra and comprise ZEEL’s unbiased administrators, Uttam Prakash Agarwal and P.V.R Murthy. It should evaluate all firm data and data to organize and current an in depth report back to the Board, advising a future plan of action, the assertion added.
R. Gopalan, chairman ZEEL, mentioned it’s pertinent for the board to take concerted motion to get to the reality of the matter within the mild of the allegations made towards the corporate. “The Impartial Investigation Committee chaired by Justice Satish Chandra, will additional information and empower us to take essential actions in a well timed method,” he mentioned in an announcement.
Over the previous few weeks, in response to media experiences, the Securities and Trade Board of India (Sebi) has uncovered a monetary discrepancy exceeding $240 million, or round ₹2,000 crore, within the accounts of Zee Leisure Enterprises. This quantity is almost 10 instances the quantity Sebi investigators had initially estimated.
The event got here shortly after the collapse of ZEEL’s proposed merger with Sony group’s India unit.
Additional, ZEEL needed to challenge a clarification denying experiences of restarting discussions with Sony group to revive their $10-billion merger that was terminated on 22 January.
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Printed: 27 Feb 2024, 11:14 PM IST
Supply: Live Mint