ZEE Entertainment Enterprises Ltd. (ZEEL) said that it has established an impartial committee to look into all of the accusations made by Sebi. With the aim of reviving the trust of its shareholders, Zee established a 'Independent Advisory Committee' on February 23 under the direction of a retired judge.
Due to disagreements with the senior management of the media company, which is being investigated by Sebi for capital diversion, Sony decided to call off its merger, which caused a sharp decline in Zee's wealth as its shares fell sharply last month.
The Independent Investigation Committee was formed by Zee's Board of Directors today, with the mission of "fact-checking/reviewing/examining all allegations raised by the regulatory agencies against the company, its promoters, and KMPs through a deep dive exercise."
According to a statement from Zee, this will be carried out to protect the interests of the company's stakeholders and stockholders. Following the exercise, the Committee will report back to the Board with suggestions and suggested actions that the Board should take.
According to Zee, the committee has the authority to designate or employ any other impartial outside organization to help it carry out its mandate.Chief Justice Satish Chandra will preside over the Committee. The committee will include PVR Murthy and Uttam Prakash Agarwal, ZEE's independent directors.
The committee will examine all corporate data and documents in order to compile a thorough report for the board that will include recommendations for future steps that will be in the best interests of all shareholders and other stakeholders, according to Zee.
