ITV

Tag: Uttam Prakash Agarwal

  • Zee’s Independent Investigation Committee finds no material irregularities

    Zee’s Independent Investigation Committee finds no material irregularities

    Mumbai: The Independent Investigation Committee (IIC) constituted by the board of directors of Zee Entertainment Enterprises (Zee) submitted its report to the board of the company.

    The committee, chaired by High Court of Allahabad’s former judge Justice Dr Satish Chandra, comprises Zee’s two independent directors – Audit Committee chairman and the Institute of Chartered Accountants of India former president Uttam Prakash Agarwal and Nomination and Remuneration Committee chairman, lawyer, author, and academic practitioner in HR and organisation development Dr. P.V Ramana Murthy. The committee conducted a thorough review of all allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI.

    Since its inception, the committee invested substantial time to delve deeper into the areas of concern highlighted by regulatory agencies to curb the spread of misinformation. The committee sought advice from reputed external audit firms, taxation, and regulatory experts to ensure a comprehensive review.

    Key points from the report include:

    . The committee noted that the company provided complete support and shared detailed responses with SEBI.

    .  The company has implemented necessary remedial measures in respect of past issues already reviewed by SEBI.

    .  The company and board have provided evidence that appropriate and timely actions were taken to address SEBI’s concerns.

    . The transactions under investigation did not adversely affect the company or its shareholders and were part of normal business operations. No material irregularities were reported.

    . No further corrective or legal measures are required.

    Dr Chandra commented, “We conducted a detailed review of all allegations, and necessary submissions have been made to the Board. The efforts of the Committee members, along with external advisors, enabled a comprehensive evaluation. We have not found anything adverse in the Company’s operations.”

    The board has advised Zee to settle any pending adjudication proceedings with SEBI in a time-bound manner and focus on enhancing performance and profitability in line with the strategic growth plan implemented by the MD & CEO.

    On 27 February 2024, the board of Zee instituted the IIC to address allegations raised by regulatory authorities in the interest of shareholders and stakeholders.

  • Board of ZEE constitutes an ‘Independent Investigation Committee’

    Board of ZEE constitutes an ‘Independent Investigation Committee’

    Mumbai: The board of directors of ZEE Entertainment Enterprises Ltd (ZEEL), in its meeting held today, decided to further expand and strengthen the role of the ‘Independent Advisory Committee’  constituted on  23 February 2024, and renamed it as an ‘Independent Investigation Committee’.  After a detailed consultation with the Audit Committee and seeking inputs from Justice Satish Chandra (Chairman of the Independent Investigation Committee – ref. Annexure for detailed profile), the Board of ZEEL led by R Gopalan, approved the Independent  Investigation Committee and has advised it to thoroughly review the allegations levelled by regulators and other parties against the company. The committee will take the necessary measures to delve into the facts of the allegations, with the sole interest to protect the rights of the company’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 abovementioned 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 fulfill its charter.

    ZEE Entertainment Enterprises Ltd chairman R Gopalan 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.”

    The Independent Investigation Committee will be chaired by Justice Satish Chandra and comprise of ZEE’s independent directors, Uttam Prakash Agarwal and P.V.R Murthy. The Committee will review all Company records and information to prepare and present a detailed report to the Board, advising on the future course of action, in the best interest of all the shareholders and other stakeholders of the company.

    Annexure:

    Justice Satish Chandra has served as the chairman of The State Bank of India’s external screening committee & has also served as a judge in the High Court of Allahabad. Justice Chandra has over 16 years of expertise in Constitutional Law, International Law & Taxation Law. During his career, Justice Chandra has served the Law Commission of India as director (additional law officer) and was also a judicial member in the Income Tax Appellate Tribunal for more than a decade. He has also authored 15 books and 35 research papers/articles on various aspects of law.

  • ZEE Entertainment board forms independent advisory committee to curb investor wealth erosion

    ZEE Entertainment board forms independent advisory committee to curb investor wealth erosion

    Mumbai: The board of ZEE Entertainment Enterprises Ltd (ZEEL), has approved to constitute an independent advisory committee that will enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the Company and consequent erosion of investor wealth.

    The committee will be presided by Dr Satish Chandra, a former judge of the High Court of Allahabad, and will comprise of two independent directors of the company, Uttam Prakash Agarwal and P. V. R. Murthy. The committee will independently provide guidance on the measures and future course of action that the Board is required to take in order to protect the interests of all the stakeholders of the company. The board will seek expert guidance of the committee on the aforementioned matters from time to time.