The Ministry of Corporate Affairs (MCA), which is investigating Zee Entertainment Enterprises Ltd (ZEEL) over alleged corporate governance violations, has written to the Securities and Exchange Board of India (Sebi) seeking details on its latest findings on fund diversion that have been cited in media reports, said people aware of the matter.
As part of its investigation into the founders of Zee Entertainment Enterprises Ltd (ZEEL), market regulator Securities and Exchange Board of India (SEBI) found that about Rs20bn (billion) or US$241mn (million) may have been diverted from the company, says a report quoting people familiar with the matter who did not want to be identified as the information is not public yet.
The markets regulator is broadening its probe into funds diversion at Zee and is now scrutinising more entities that have conducted business with the company in recent years, sources said. Zee dismissed allegations of accounting irregularities as false
As part of its investigation into the founders of Zee Entertainment Enterprises Ltd (ZEEL), market regulator Securities and Exchange Board of India (SEBI) found that about Rs20bn (billion) or US$241mn (million) may have been diverted from the company, says a report quoting people familiar with the matter who did not want to be identified as the information is not public yet.
Subhash Chandra, founder chairman of the Essel group, wrote a letter to Union finance minister (FM) Nirmala Sitharaman, a week before Sony Group Corp called off the US$10bn (billion) merger between Culver Max Entertainment Pvt Ltd and Zee Entertainment Enterprises Ltd (ZEEL), says a report.