Zee Entertainment Enterprises Ltd on Tuesday mentioned its board has expanded the scope of unbiased advisory panel to incorporate investigation evaluation.

The announcement by the corporate comes amid a probe by market regulator Sebi in opposition to its promoters for alleged fund diversion.

Last week, the corporate introduced constituting of unbiased advisory panel to curb erosion of its investor wealth within the wake of speculations resulting in detrimental public opinion of the corporate.

In a regulatory submitting on Tuesday, Zee Entertainment Enterprises Ltd (ZEEL) mentioned, “On recommendation of the audit committee, the Board of Directors of the company, in its meeting held today, has considered and approved to further expand and strengthen the role of the ‘Independent Advisory Committee’ by including ‘Investigation Assessment’ as a primary responsibility of this Committee.” Further, it mentioned the board additionally authorised to amend the nomenclature of the committee from “An Independent Advisory Committee” to ‘An Independent Investigation Committee’.

About the unbiased advisory committee

The unbiased advisory committee was to be headed by Satish Chandra, Retired Judge of Allahabad High Court, and now have two Independent Directors of the corporate — Uttam Prakash Agarwal and P V R Murthy, as members.

The committee will independently present steerage on the measures and future plan of action that the board is required to take to be able to shield the pursuits of all stakeholders of the corporate, ZEEL mentioned in an announcement.

“The board will seek expert guidance of the committee on the aforementioned matters from time to time,” it added.

ZEEL shares

In the week between February 16-23, 2024, shares of ZEEL had declined 5.5 per cent on the BSE.

Market capitalisation of the corporate

The market capitalisation of the corporate diminished Rs 973.73 crore to Rs 16,645.80 crore from Rs 17,625.53 crore in the course of the interval.

However, earlier final week on Tuesday, shares of ZEEL settled 8 per cent larger amid stories that the corporate and Sony Pictures Networks (India) had been working to salvage their USD 10 billion merger, which was terminated in January.

Last yr in August, Sebi by an interim order barred ZEE promoters Subhash Chandra and his son Punit Goenka from holding any directorships in listed corporations, over allegations of funds siphoning.

However, Goenka, the Managing Director and CEO of ZEEL, was granted aid by the Securities Appellate Tribunal (SAT). Chandra had additionally filed an attraction within the matter to the tribunal.

Published on: Wednesday, February 28, 2024, 12:05 PM IST