Problems seem to be getting further compounded at the Zee group.
A month back only, it’s long awaited mega merger with the Sony group was called off (after 2 years of negotiations).
During this period, there were many actions taken by the regulators; especially related to the corporate governance. These actions in fact are speculated to be the main reason that Sony pulled out of the merger.
Now, as per the newspaper reports, continuing with it’s ongoing investigations, the Indian market regulator SEBI has unearthed a financial discrepancy exceeding $240 million (Rs 2,000 cr) in the accounts of Zee Entertainment (ZEEL).
- It’s being mentioned that this amount may have been diverted from the Company by the founders. The amount is very high and is nearly ten times more than SEBI investigators initially estimated.
- SEBI has called the founders and certain board members for explanations.
- The final amount would be subject to these explanations.