Zee Entertainment Denies SEBI Finding of Fund Diversion
New Delhi, Feb 21 (IANS) – Zee Entertainment Enterprises has denied any knowledge of an order from the SEBI regarding findings of fund diversion. The company stated that it has been providing all necessary comments, information, and explanations to SEBI and has cooperated fully on all aspects.
In a statement, Zee Entertainment said, “As disclosed in the company’s statement of unaudited standalone financial results for the quarter and nine months ended December 31, 2023, published by the company and available on its website, pursuant to the SAT order dated October 30, 2023 granting relief to the current Key Managerial Personnel (KMP) of the company, 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.”
The company also clarified that it is unaware of any information that has not been announced to the exchanges which could explain the movement in the trading, and that it is unable to determine the material impact of the above-mentioned article on the company.
Zee Entertainment was responding to reports of a SEBI finding of fund diversion at the company. This comes as Zee shares are down 13 per cent at Rs 167.90. Additionally, Zee Entertainment denied any talks with Sony for a revival of the merger on Tuesday.
This denial from Zee Entertainment Enterprises comes as the company faces scrutiny and a downturn in share value. The company’s response to the SEBI findings and its denial of talks with Sony indicate a challenging period for the media and entertainment company. The impact of these developments on the company’s future remains to be seen.
