Zee Entertainment Enterprises Ltd on February 27 said it has constituted a panel to examine the allegations levelled against the company, its promoters and key managerial personnel by regulatory bodies.
The panel, named as ‘Independent Investigation Committee’, would be headed by Justice (retired) Satish Chandra, a press release from the company said.
"The committee will take the necessary measures to delve into the facts of the allegations, with the sole interest to protect the rights of the company’s shareholders and other stakeholders," it added.
The panel whose members include Zee's independent directors, Uttam Prakash Agarwal and PVR Murthy, will present a detailed report to the company's board advising it on the future course of action.
"Based on the recommendations of the audit committee and after seeking inputs from Justice Chandra, an independent assessment and fact-checking of all allegations will be ensured. The board will also suggest the measures to be implemented in the interest of the Company, once the detailed report is presented by the Committee," Zee chairman R Gopalan said.
Notably, Zee's managing director Punit Goenka, who is also the son of the company's founder Subhash Chandra, is under the SEBI radar for his alleged role in siphoning off company funds. The father-son duo were last year, barred by the regulator from occupying any managerial position in the company. However, the ban on Goenka was overturned by the Securities Appellate Tribunal in October 2023.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
