ZEE Outlines Duties With Independent Investigation Committee

BW Online Bureau Feb 28, 2024

The Board of Directors of Zee Entertainment Enterprises (ZEEL) has decided to enhance the scope and authority of the previously established 'Independent Advisory Committee,' renaming it as the 'Independent Investigation Committee.'

Led by R. Gopalan, the Board, in consultation with the Audit Committee and under the guidance of Justice Satish Chandra, Chairman of the Independent Investigation Committee, has directed the committee to thoroughly investigate the allegations made by regulators and other entities against the company. The primary focus of the committee is to uncover the facts related to the allegations, prioritising the protection of the rights of ZEEL's shareholders and other stakeholders.

As a result, the Board has approved the following steps to be implemented by the committee with immediate effect:

The investigation committee shall fact-check/review/ examine all allegations raised by the regulatory agencies against the Company, its Promoters and KMPs through a deep dive exercise.
This would be done in order to safeguard the interest of the shareholders and other stakeholders of the Company. After completing the above mentioned exercise, the Committee will submit its report to the Board with its recommendations and suggest actions required to be undertaken by the Board.
The Committee can also appoint/hire any other independent outside agency to assist the Committee to fulfil its charter.

R. Gopalan, Chairman, ZEE Entertainment Enterprises said, “It is pertinent for the Board to take concerted action in order to get to the truth of the matter in the allegations made against the company and secure the interests of all its shareholders and other stakeholders. The Independent Investigation Committee chaired by Justice Satish Chandra, will further guide and empower us to take necessary actions in a timely manner, that are in the best interests of the company’s future and all its shareholders and other stakeholders. Based on the recommendations of the Audit Committee and after seeking inputs from Justice Chandra, an independent assessment and fact-checking of all allegations will be ensured. The board will also suggest the measures to be implemented in the interest of the company, once the detailed report is presented by the committee.”

Justice Satish Chandra will chair the Independent Investigation Committee, which includes ZEE's Independent Directors, Uttam Prakash Agarwal and P.V.R Murthy. Tasked with a comprehensive review of all company records and information, the committee will compile a detailed report for the Board. The report will provide recommendations on the optimal course of action, prioritizing the best interests of the company's shareholders and other stakeholders.