'Incorrect and false': Zee denies SEBI's allegation of Rs 2000-crore fraud

According to the media company, it is in the process of providing all the comments, information or explanation as requested by SEBI in the matter

by e4m Staff
Published: Feb 21, 2024 12:48 PM | 1 min read

Zee Entertainment Enterprises Ltd (ZEEL) has dismissed news reports about the company's alleged Rs 2,000 crore fund fraud. In a statement, the company described the claims as incorrect and false.

The company’s spokesperson said, “The reports and rumours pertaining to accounting issues in the company are incorrect and false. Pursuant to the SAT order, which granted relief to the current Key Managerial Personnel (KMP), the Company has been in the process of providing all the comments, information or explanation requested by SEBI, and has extended complete co-operation on all aspects.”

SEBI reportedly revealed that over Rs 2,000 crore could have been diverted from the company, which is roughly ten times greater than its initial projections. However, the sum determined by SEBI is not final and may alter once the regulator evaluates the comments from company leaders.