SEBI has discovered a financial irregularity of over 20 billion rupees ($241.36 million) in the accounts of Zee Entertainment Enterprises, according to Bloomberg News sources.
This amount was significantly higher than the initial estimates made by investigators.
The final figure could change after SEBI evaluates the responses from the company’s executives.
Zee Entertainment’s founders, Chairman Subhash Chandra and CEO Puneet Goenka, were previously accused of diverting company funds to other entities linked to the group. SEBI and Zee both have not commented on the matter yet.
Additionally, Sony Group terminated a 10 billion merger deal with Zee due to unresolved issues and leadership conflicts, but reports suggest that Zee is trying to revive the deal. Despite this, Zee denied engaging in any negotiations with Sony. In October, an Indian tribunal lifted a ban preventing Goenka from holding board positions.
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