Zee Ent forms independent advisory committee headed by ex-HC judge amid negative public opinion

livemint.com:

Zee Entertainment Enterprises Ltd on Friday announced the formation of a three-member independent advisory committee aimed at reinstating shareholders' trust. The committee will be chaired by Dr. Satish Chandra, a retired judge from the Allahabad High Court.

Additionally, Uttam Agarwal and P V Ramana Murthy, both independent Directors of the company, will serve as members of the committee. Also read: RBI directs NPCI to examine Paytm's request for being third-party app for UPI “We hereby inform you that while taking cognizance of widespread circulation of misinformation, market rumours, and speculation that has led to formation of negative public opinion about the company and consequent erosion of investor wealth, the Board of Directors of the company has constituted an Independent Advisory Committee headed by Dr. Satish Chandra, Retired Judge of the Hon’ble High Court of Allahabad, who shall be the Chairperson of the Committee, and two members of the Board, i.e.

Mr. Uttam Agarwal and Dr. P V Ramana Murthy, Independent Directors of the Company," the company said in an exchange filing.

At the beginning of the week, media reports surfaced alleging a 'accounting hole' of $240 million or ₹2,000 crore. However, the media company refuted these claims, dismissing them as inaccurate and untrue. "Reports and rumours pertaining to accounting issues in company are incorrect and false.