Ministry of Corporate Affairs to probe SEBI's allegations against Zee, report
Zee Entertainment Enterprises, the Ministry of Corporate Affairs (MCA) is examining irregularities in the media house, reported Reuters citing an ET report. SEBI's interim order alleged Zee Entertainment Enterprises of bogus book entries and siphoning of funds. It is probing lapses in corporate governance issue, the ET report added citing sources.
Other than the report, there has been no official inspection order issued by the MCA on the investigation. Also Read: ZEE to telecast second season of ILT20 from Jan 2024 So far, there has been no information given to Zee on MCA probe. The company has not even received any notice regarding the investigation, found Reuters from a source aware of the matter.
Soon after the report was published, Zee media shares fell as much as 3.9% on the share market on Friday. There has been no official statement issued by both MCA nad Zee in the matter. By the end of the stock market trading on Friday, the company shares closed 0.04% higher at ₹234.00 apiece on BSE.
Also Read: Sebi order on Goenka: ZEE board forms interim committee to run ops SEBI on June 12 had imposed a ban on Zee's Chairman Subhash Chandra and CEO Punit Goenka from holding any board positions in listed companies for a year. The market regulator had alleged the two of actively involving in the diversion of funds to the group's other listed entities and related firms related to founding shareholders. Also read: Shareholders reject reappointment of independent director on ZEE board The company last month said it formed an inernal committee to run its operations after Chandra and Goenka failed to overturn market regulator's ban on them holding board positions.
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