Zee rejects media reports about funds divergence issue of Rs 2,000 crore

As per reports, SEBI found that around Rs 2,000 crore may have been diverted from the company's account.

Zee Entertainment Enterprises has given clarification about media reports claiming that Securities and Exchange Board of India (SEBI), regulatory body for securities and commodity market in India, has found a financial discrepancy of around Rs 2,000 crore in the accounts of Zee Entertainment.

In an exchange filing to NSE/ BSE, Zee rejects media reports by various publications, considering them as baseless and false.

It says, "We would like to clarify that the above mentioned news items and rumors pertaining to accounting issues in the company are incorrect, baseless and false."

Zee further mentioned that, "As disclosed in the company’s statement of unaudited standalone financial results for the quarter and nine months ended 31 December 2023, published by the company and available on its website, pursuant to the SAT order dated October 30, 2023 granting relief to the current Key Managerial Personnel (KMP) of the company, the company has been in the process of providing all the comments, information or explanation requested by SEBI, and has extended complete co-operation on all aspects."

Therefore, the company is not aware of any order wherein SEBI has recorded any such finding. It has been falsely reported in news articles.

In reference to the media reports, the exchange filing had earlier requested Zee to provide an official statement addressing the accounting issue.