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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.
The ball is in Sony's court. They need to respond if the deal has to be revived: Zee
Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable.
ZEEL shares surged 8 per cent, closing at ₹193 on the BSE and ₹190.40 on the NSE.
(Bloomberg) -- India’s 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.Most Read from BloombergLargest Covid Vaccine Study Yet Finds Links to Health ConditionsCapital One to Buy Discover for $35 Billion in Year's Biggest Deal Your 401(k) Will Be Gone Within a DecadeStocks Fall Before Nvidia’s Make-or-Bre