ZEE forms Independent Investigation Committee to safeguard shareholder interest

The Board of Directors of ZEE Entertainment Enterprises Ltd (ZEEL), in its meeting held on February 27, 2024, decided to further expand and strengthen the role of the ‘Independent Advisory Committee’ constituted on February 23, 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, the ZEEL Board 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 fulfil its charter.

R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd 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 PVR 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.