Sebi’s latest findings add to Goenka’s woes, as the Zee CEO tries to reassure investors after its $10 billion merger plan with Sony fell apart. The transaction, two years in the making, was terminated in January after a months-long stalemate on who’ll lead the new entity.
Zee Entertainment Enterprises shares plummeted due to a $241 million accounting issue and the failed merger with Sony. Sebi investigation into Zee founders revealed $241 million may have been diverted from the company, Bloomberg reported. Concerns over weak financials and corporate governance persist despite improved quarterly results.
India Business News: Sebi uncovers $241 million accounting issue at Zee. Read more to find out the details of the investigation and the impact on the company.
The market regulator has found a hole of more than $240 million in the accounts of Zee Entertainment Enterprises Ltd., dealing another blow to the embattled media firm less than a month after its merger with Sony Group Corp's local unit collapsed.