India's Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator, ET Now reported on Friday.
FILE PHOTO-Zee Entertainment logo is displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
BENGALURU, Aug 4 - India's Ministry of Corporate Affairs is examining irregularities in Zee Entertainment EnterprisesThe MCA has taken cognizance of the Securities and Exchange Board of India's interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues, the report added, citing sources.Zee is not aware of any MCA probe and has not received a notice from the ministry, a source aware of the matter told Reuters.
Shares of the media and entertainment company fell as much as 3.9% after the report before paring most losses to last trade down 0.3%.SEBI on June 12 had banned Zee's Chairman Subhash Chandra and CEO Punit Goenka from holding any board positions in listed companies for a year, alleging active involvement in the diversion of funds to the group's other listed entities and related firms related to founding shareholders.
The company last month said it formed an internal committee to run its operations after Chandra and GoenkaReporting by Kashish Tandon in Bengaluru, Aditya Kalra in New Delhi; Editing by Sohini Goswami
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