Zee sets up advisory panel to tackle ‘market rumours’

Feb23,2024



Mumbai: Beach market rumors and media reports about its accounting and financial problemsamong others, zee entertainment It has formed an advisory committee to guide its board on how to deal with such issues. Troubled Paytm has also set up a Advisory Panel recently.
G's committee chairman will retire Allahabad HC judge Satish Chandra and two independent directors, Uttam Agarwal and PV Raman Murthy.
Zee notes that there has been “widespread spread of misinformation, market rumor and speculation, creating negative public opinion about the company” and that, as a result, impacting its share price and “diminishing investors' wealth. “. Although the company's shares closed 3% higher at Rs 173 on the BSE, it has fallen 36% in the last six months and seen a 25% decline in its value since Sony called off the merger with Zee in late January. Has come.
Recently Zee has denied a report on this accounting issues, saying that the article was baseless and false. The report said that India's market regulator has found that $240 million has been misappropriated from Zee's books.
In a filing, Zee said the company had disclosed in its Q3 FY23 results and following the SAT order dated October 30, 2023, it is in the process of providing all the information sought by SEBI and “therefore it is exempted from any action by SEBI.” Wasn't aware of the order.” The regulator is recording such findings”.



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