MUMBAI: Amid
market rumours
and media reports about its accounting and
financial issues
, among others,
Zee Entertainment
has set up an advisory committee to guide its board on how to tackle such issues. Embattled Paytm too has set up an
advisory panel
recently.
Zee’s committee will be headed by retired
Allahabad HC judge
Satish Chandra and two independent directors, Uttam Agarwal and P V Ramana Murthy.
Zee noted that there has been a “widespread circulation of misinformation, market rumour and speculation leading to the formation of negative public opinion about the company” and as a result, impacts its share price and “erodes investor wealth”. Although the company’s share rose 3% to close at Rs 173 on the BSE, it has crashed 36% in the last six months and has lost 25% of its value since Sony called off a merger with Zee in late Jan.
Recently, Zee denied a report on its
accounting issues
, stating that the article was baseless and false. The report said that India’s market regulator has found $240 million diverted out of Zee’s books.
In a filing, Zee said the company had disclosed in its Q3 FY23 results and following the Oct 30, 2023 SAT order, it has been in the process of providing all information requested by Sebi and “hence wasn’t aware of any order by the regulator recording such a finding”.
