The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for alleged fund diversion. Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company.
The IIC will conduct a thorough review of all allegations made by regulatory agencies against the company, its promoters, and key managerial personnel to protect the interest of shareholders and other stakeholders of the company. The committee will submit a report to the board after completing the exercise, outlining its recommendations and suggesting necessary actions.
The ministry s preliminary probe had found appropriation of ZEEL s fixed deposits (FDs) by Yes Bank, for squaring off loans of related entities of Essel Group. ZEEL is part of the Essel Group promoted by Subhash Chandra and his family.
On Friday, ZEEL said its board has constituted an independent advisory committee headed by Satish Chandra, retired judge of Allahabad High Court, to curb erosion of its investor wealth in the wake of speculations, leading to negative public opinion of the company.