2024-02-21 12:52:43
New Delhi: The troubles of Zee Entertainment Enterprises are showing no signs of abating. The company had not yet recovered from the shock of breaking the merger deal with Sony that market regulator SEBI has increased its concern. According to media reports, SEBI has found $240 million i.e. Rs 19,89,28,44,000 missing from the accounts of Zee Entertainment Enterprises Limited. SEBI’s investigation has revealed that about $241 million has been diverted from the company. This amount is almost ten times what SEBI investigators had initially estimated. SEBI has sought clarification from senior officials of the company in this regard. This includes company founder Subhash Chandra and his son Punit Goenka. Clarification has also been sought from some board members in this matter. Meanwhile, JI has denied the report that Rs 2000 crore is missing from its accounts. The company said that there is no truth in this report. Meanwhile, the company’s shares have fallen heavily. There was a rise of eight percent in the company’s shares on Tuesday but there is a huge decline in it on Wednesday. At 10.30 am the company’s shares were trading at Rs 172.70, down 10.52 per cent. Yesterday it closed at Rs 193 and today opened at Rs 173.70. It fell to Rs 165.55 during trading. Its 52-week high is Rs 299.50 and low is Rs 152.50. After the deal with Sony broke down, the company’s shares fell 33% on January 23, which was the biggest single-day decline in its history. That day it had come down to Rs 152.5.
what did the company say
A Zee spokesperson said the company is in the process of providing all information to SEBI. The deal between Sony and Zee could not go ahead due to SEBI investigation against Subhash Chandra and Punit Goenka. The deal between the two companies was signed in 2021. According to this, Goenka was to be made the CEO of the company formed after the merger but Sony was not comfortable with it due to SEBI investigation. Ultimately he called the deal Tata in January. Meanwhile, news came on Tuesday that Zee is once again exploring the possibility of a deal with Sony. Due to this, a huge rise was seen in the shares of the company yesterday.
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SEBI ban
In August last year, SEBI had barred Zee founders Subhash Chandra and Punit Goenka from becoming executives or directors in any listed company. SEBI had found in its investigation that Chandra and Goenka had misused their position and embezzled funds for their own benefit. Ji had appealed against this order of SEBI in the Higher Appellate Authority and got relief in October. The appellate authority had allowed Goenka to hold an executive position during the SEBI investigation. There was a 95 percent decline in Zee’s profit in the last financial year. It had made a profit of Rs 58.54 crore in the December quarter.