Mumbai: The Independent Investigation Committee (IIC) constituted by the board of directors of Zee Entertainment Enterprises (Zee) submitted its report to the board of the company.
The committee, chaired by High Court of Allahabad's former judge Justice Dr Satish Chandra, comprises Zee’s two independent directors - Audit Committee chairman and the Institute of Chartered Accountants of India former president Uttam Prakash Agarwal and Nomination and Remuneration Committee chairman, lawyer, author, and academic practitioner in HR and organisation development Dr. P.V Ramana Murthy. The committee conducted a thorough review of all allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI.
Since its inception, the committee invested substantial time to delve deeper into the areas of concern highlighted by regulatory agencies to curb the spread of misinformation. The committee sought advice from reputed external audit firms, taxation, and regulatory experts to ensure a comprehensive review.
Key points from the report include:
. The committee noted that the company provided complete support and shared detailed responses with SEBI.
. The company has implemented necessary remedial measures in respect of past issues already reviewed by SEBI.
. The company and board have provided evidence that appropriate and timely actions were taken to address SEBI's concerns.
. The transactions under investigation did not adversely affect the company or its shareholders and were part of normal business operations. No material irregularities were reported.
. No further corrective or legal measures are required.
Dr Chandra commented, “We conducted a detailed review of all allegations, and necessary submissions have been made to the Board. The efforts of the Committee members, along with external advisors, enabled a comprehensive evaluation. We have not found anything adverse in the Company’s operations.”
The board has advised Zee to settle any pending adjudication proceedings with SEBI in a time-bound manner and focus on enhancing performance and profitability in line with the strategic growth plan implemented by the MD & CEO.
On 27 February 2024, the board of Zee instituted the IIC to address allegations raised by regulatory authorities in the interest of shareholders and stakeholders.
