Zee forms advisory committee to safeguard investor trust amid ‘market rumours’
The committee will comprise 2 Independent Directors, presided by Dr Satish Chandra, Former Judge of the Allahabad High Court.
Zee Entertainment Enterprises has formed a three-member independent advisory committee as a measure to safeguard the interests of its shareholders.
The committee comprises two Independent Directors, presided by Dr Satish Chandra, Former Judge of the Allahabad High Court.
The development has come in light of reports accusing the company of corporate governance lapses and subsequent probes by relevant departments. Media reports pointed towards an “accounting hole” of Rs 2,000 crore in the company’s finances earlier this week.
ZEE spokesperson said that it is a measure to curb “widespread circulation of misinformation, market rumours and speculation.”
The company has unequivocally refuted the charges, saying such reports are “incorrect and false.”
“The reports also indicate vested interests of a third party. ZEE has maintained utmost standards of governance; and is a Company that is guided by an experienced Board. The Company has consistently extended complete co-operation to all concerned authorities and has transparently provided all information requested,” said the spokesperson.
The company said that it has also requested SEBI to take cognizance of “market rumours that lead to misinformation and consequently erosion of investor wealth.”
