Days after media reports of SEBI discovering ‘fund diversion,’ Zee Entertainment Enterprises Ltd announced the formation of an independent advisory panel on Friday. The committee will be headed by Allahabad High Court’s retired judge Satish Chandra. The panel will review the ‘market misinformation’, speculations to check the erosion of investor wealth.
Apart from the ex-judge of the High Court, the independent panel will also consist of two other Independent Directors. The official statement by ZEEL said that these independent directors of the company are PVR Murthy and Uttam Prakash Agarwal.
In the statement, ZEEL also said that the independent committee would provide guidance on necessary measures and future strategies to safeguard the interests of all stakeholders of the company. Additionally, it stated that the board would periodically seek expert advice from the committee on these matters.
During the week of February 16-23, ZEEL shares experienced a 5.5% decline on the BSE. Consequently, the company’s market capitalization dropped by Rs 979.73 crore to Rs 16,645.80 crore within this period. However, on Tuesday, ZEEL shares surged by 8% following reports indicating efforts between the company and Sony Pictures Networks (India) to revive their terminated USD 10 billion merger from January.