Zee Denies Rs 2,000 Cr Fund Fraud Claims Amid SEBI Investigation
Zee Entertainment Enterprises (ZEEL) strongly refuted allegations of a Rs 2,000 crore fund fraud, dismissing the claims as incorrect and false.
The company addressed the issue in a statement, asserting its commitment to transparency and compliance with regulatory processes.
A spokesperson for ZEEL stated, “The reports and rumours pertaining to accounting issues in the company are incorrect and false. Pursuant to the SAT 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 cooperation on all aspects.”
The Securities and Exchange Board of India (SEBI) reportedly raised concerns revealing that over Rs 2,000 crore could have been diverted from ZEEL, a figure nearly ten times greater than its initial projections. However, it is important to note that the sum determined by SEBI is not final and may undergo alterations pending a comprehensive evaluation of the comments and information provided by the company's leaders.
