Zee Entertainment on January 30 told stock exchanges that it had no disclosure to report regarding the claims made by its promoter Subhash Chandra about upping his family stake in the company from 4 percent to 26 percent.
In response to a story published by Moneycontrol on January 30, stock exchanges had sought a clarification from the company. In response to these queries, Zee said that the company is not aware of any price sensitive information that has not been disclosed to the bourses.
The exchanges also sought clarification from Zee regarding the sudden uptick in its share prices. Zee shares lost more than 30 percent until January 29, but they closed 5.9 percent higher at Rs 171 apiece on January 30.
Moneycontrol had reported that market regulator Sebi was examining the statements made by Subhash Chandra for potential violation of disclosure norms. Chandra had made these statements during recent media interviews.
“The statement quoted in the above-mentioned news article does not represent a decision or proposal that has been considered or approved by the board.” the company said in response to stock exchange queries.
“The company cannot on its own confirm or deny the above-mentioned new items and its source. As such, the Company has no disclosures to make to the stock exchanges as on date in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’).” Zee added.
During the media interactions, Chandra also said that the promoters of Zee will not raise any external funding for the stake hike and also gave no specific timeframe for increasing the stake in the company to 26 percent.
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