Zee Says Panel To Focus On Investigation Assessment

Zee Entertainment Enterprises Ltd. said its board enhanced the role of its independent advisory committee to include investigation assessment.

The board also changed the name of independent advisory committee to independent investigation committee, whose primary responsibility will be investigation assessment, Zee said in a stock exchange announcement.

Zee constituted the advisory committee last week amid erosion of investor wealth due to widespread circulation of misinformation, market rumors, and speculation that led to formation of negative public opinion about the company.

The committee is headed by Satish Chandra, retired judge of Allahabad High Court, and two board members Uttam Agarwal and P.V. Ramana Murthy, independent directors of the company.

Zee is in a legal battle with Sony Group’s Indian units after they scrapped the proposed merger with the Indian media and entertainment company and sought a termination fee of $90 million from Zee alleging the company breached the terms of the agreement signed in December 2021.

Zee, which was down over 5% to 164.05 rupees in Mumbai afternoon trading on the BSE today, has lost over 40% of its value since the beginning of this year, the exchange data showed.

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