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India Business News: Sebi uncovers $241 million accounting issue at Zee. Read more to find out the details of the investigation and the impact on the company.
The market regulator has found a hole of more than $240 million in the accounts of Zee Entertainment Enterprises Ltd., dealing another blow to the embattled media firm less than a month after its merger with Sony Group Corp's local unit collapsed.
Zee Entertainment denies media reports of a $240 million 'accounting hole,' calling them incorrect and false. The embattled Indian broadcaster asserts cooperation with SEBI and states they are addressing comments requested. SEBI reportedly uncovers a potential diversion of around Rs 2,000 crore, ten times higher than initial estimates, according to Bloomberg News sources
As part of its investigation into the founders of Zee Entertainment Enterprises Ltd (ZEEL), market regulator Securities and Exchange Board of India (SEBI) found that about Rs20bn (billion) or US$241mn (million) may have been diverted from the company, says a report quoting people familiar with the matter who did not want to be identified as the information is not public yet.
Market regulator SEBI alleged that there is a $241 million discrepancy in Zee Entertainment accounts. after its collapsed merger with Sony Group.