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The reports and rumours pertaining to accounting issues in the Company are incorrect and false: ZEE
As per Bloomberg reports, SEBI has discovered a discrepancy of over $240 million in the accounts of Zee Entertainment Enterprises Ltd.
This development mirrors an ongoing dispute between Tata Play and Culver Max Entertainment (formerly Sony Pictures Networks India).
Zee has denied all claims made by media reports suggesting Securities and Exchange Board of India (SEBI)’s discovery of a significant discrepancy of over $240 million in the accounts of Zee Entertainment Enterprises Ltd. (Zee).
"The reports and rumours pertaining to accounting issues in the Company are incorrect and false. Pursuant to the SAT(Securities Appellate Tribunal) order, which granted relief to the current Key Managerial Personnel (KMP), the Company has been in the process of providing all the comments, information or explanation requested by SEBI, and has extended complete co-operation on all aspects, said the company spokesperson.
As per Bloomberg reports, SEBI's investigation into Zee's founders, primarily focusing on Subhash Chandra and Puneet Goenka, reportedly uncovered the potential diversion of approximately Rs 20 billion ($241 million) from the company. This figure is roughly ten times larger than SEBI's initial estimates, raising concerns about financial irregularities within Zee.
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