Market regulator SEBI probe has found USD 241 million missing from Zee accounts.
Zee founder Subhash Chandra and his son Punit Goenka along with board members have been asked to explain the alleged financial improprieties.
The discrepancy of more than USD 240 million in the Zee Entertainment Enterprises accounts further adds to the woes of the entertainment conglomerate after the USD 10 billion merger with Sony fell apart earlier in January.
The market regulator has alleged diversion of USD 241 million and is roughly ten times the initial estimate by the SEBI investigators.
"The reports and rumours pertaining to accounting issues in the company are incorrect and false. Pursuant to the SAT order, which granted relief to the current Key Managerial Personnel (KMP), 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.” a Zee spokesperson said.
The much touted Zee Sony merger fell apart after months of wrangling over helming of the new entity with Sony wary of letting Punit Goenka head the merged business and Goenka insisting to be the CEO of the new enterprise. The standoff ultimately led to the collapse of the merger with Sony terminating the deal.
