ZEE Entertainment Enterprises Ltd. (ZEEL) has expanded the scope of its independent committee, renaming it the “Independent Investigation Committee’ to thoroughly review allegations against the company.
The Board of Directors of ZEEL, in its meeting held today, decided to further expand and strengthen the role of the independent advisory committee’ constituted on 23rd February 2024.
Read: ZEE Entertainment forms independent committee to address misinformation about company
“After a detailed consultation with the Audit Committee and seeking inputs from Chairman of the Independent Investigation Committee,Justice Satish Chandra, 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,” said a statement from 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,” it further said.
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 above mentioned 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 fulfil its charter.
“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,” said R. Gopalan, Chairman, ZEE Entertainment Enterprises Ltd.
“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,” Gopalan added.
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.