Zee Entertainment Enterprises Ltd on Friday announced a three-member independent advisory committee to restore shareholders' confidence and it will be headed by Satish Chandra, retired judge of the Allahabad High Court.
The committee will also have Uttam Agarwal and P V Ramana Murthy, independent Directors of the company.
"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," said Zee in a stock exchange filing.
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Justice (retd) Satish Chandra retired from Allahabad High Court in 2015, after serving as its judge for 7 years. Chandra enrolled as an Advocate in Bar Council of U.P in 1975. According to his profile in Allahabad HC’s website, he specialised in Constitutional Law, International Law & Taxation Law.
After completing his education, he started practice as an Advocate in Allahabad High Court. Later, he served as Law Teacher in Bareily College; Dungar (PG) College, Bikaner; M.D. University, Rohtak; H.P. University, Shimla.
He was also a Visiting Professor in L.B.S. National Academy, Mussoorie; Internal Security Academy, Mt. Abu; and various Institutes in Russia and Poland.
The Hague Academy of International Law, The Hague, has awarded a fellowship to Dr Chandra. He was a Visiting Professor in Institute of State and Law, Mascow. He was Constitutional Advisor to Government of Zanzibar as well as a Judge, High Court, Zanzibar.
On Friday, Zee's scrip on BSE closed trading 3% higher at Rs 173.3, down 30% ever since Japan's Sony decided to scrap the mega merger deal with Zee for not meeting closing conditions even after extending their closing period by a month.
Sony had initiated arbitration proceedings before The Singapore Arbitration Center (SIAC) claiming $90 million (around Rs 748.5 crore) as a termination fee.
On the other hand, ZEEL filed a petition before the Mumbai bench of the National Company Law Tribunal (NCLT), seeking a direction to Sony Group to implement the merger scheme. SIAC also denied Sony Group's plea seeking interim relief against ZEEL to restrain it from moving NCLT to enforce the failed merger of its subsidiary Culver Max with the Indian media house.
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