In response to a latest Bloomberg report alleging a major ‘accounting gap’ amounting to $240 million in Zee Entertainment’s monetary data, the corporate swiftly dismissed the claims as incorrect and false.

A spokesperson for Zee Entertainment refuted the allegations, stating, “The reviews and rumours pertaining to accounting points within the firm are incorrect and false. Pursuant to the SAT order, which granted reduction to the present Key Managerial Personnel (KMP), the Company has been within the strategy of offering all of the feedback, info or rationalization requested by SEBI, and has prolonged full co-operation on all elements.” a Zee spokesperson mentioned. Meanwhile, Zee Entertainment shares plummeted over 10% throughout early commerce as we speak.

What did the Bloomberg report say?

The Securities and Exchange Board of India has discovered a monetary discrepancy exceeding $241.36 million throughout the accounts of Zee Entertainment Enterprises reported Bloomberg News on Wednesday, citing knowledgeable sources.

SEBI had beforehand indicated suspicions relating to the involvement of Zee Group’s key figures, Chairman Subhash Chandra and CEO Puneet Goenka, in channelling firm funds in direction of different entities affiliated with the group. Chandra and Goenka have vehemently refuted these allegations.

The quantity flagged by SEBI far surpasses preliminary estimations, reportedly amounting to just about ten instances the sooner figures. However, this sum stays topic to potential changes pending additional overview of responses from Zee’s executives.

Zee- Sony merger 

In latest developments, Japan’s Sony Group just lately terminated a proposed merger value 10 billion with Zee, citing unresolved “closing conditions” and management disputes, significantly regarding Goenka’s regulatory involvements.

Despite reviews suggesting Zee’s efforts to rekindle talks with Sony to salvage the deal, the corporate firmly denied partaking in any such negotiations in a latest alternate submitting.

Earlier in October, an Indian tribunal lifted restrictions barring Goenka from holding board positions, signalling a authorized milestone for the embattled CEO.

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