Decision not approved by Board, can’t confirm or deny: ZEEL tells BSE on stake hike news

ZEEL’s reply came after the BSE on January 30 sought clarification from it on the news report that appeared on a business portal

by e4m Staff
Published: Jan 31, 2024 8:43 AM | 1 min read

Clarifying its stand on a news report that quotes company founder Subhash Chandra saying that the Zee promoter family plans to hike its stake in the company, ZEEL has told the Bombay Stock Exchange (BSE) that the statement quoted in the report does not represent a decision or proposal that has been considered or approved by the Board and so the company cannot on its own confirm or deny.

ZEEL’s reply came after the BSE on January 30 sought clarification from it on the news report that appeared on a business portal.

In its reply to BSE, ZEEL said, “ZEEL is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading.”

"Further, the statement quoted in the above-mentioned news article does not represent a decision or proposal that has been considered or approved by the Board. The company cannot on its own confirm or deny the above-mentioned new items and its source," Subhash Chandra-led Zee clarified to BSE.