The Board of Directors of ZEE Entertainment Enterprises Ltd. (ZEEL) has appointed an Independent Advisory Committee to review the allegations levelled by market regulator SEBI and other parties against the company. The panel will be chaired by Justice Satish Chandra and comprise of ZEE’s Independent Directors, Uttam Prakash Agarwal and PVR Murthy.

Zee had recently appointed a ‘Independent Advisory Committee’ which has now been renamed as an ‘Independent Investigation Committee’.

“After a detailed consultation with the Audit Committee and seeking inputs from Justice Satish Chandra, the Board of ZEEL led by R Gopalan, approved the Independent Investigation Committee and has advised it to thoroughly review the allegations levelled by regulators and other parties against the company,” said a press release.

“The Committee will take the necessary measures to delve into the facts of the allegations, with the sole interest to protect the rights of the company’s shareholders,” it added.

The investigation committee shall fact check/review/ examine all allegations raised by the regulatory agencies against the company, its promoters.

After completing the abovementioned exercise, the committee will submit its report to the Board with its recommendations and suggest actions required to be undertaken by the Board.

The Committee can also appoint/hire any other independent outside agency to assist the Committee to fulfil its charter.

R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd. said, “It is pertinent for the Board to take concerted action in order to get to the truth of the matter in the allegations made against the Company and secure the interests of all its shareholders and other stakeholders. The Independent Investigation Committee chaired by Justice Satish Chandra, will further guide and empower us to take necessary actions in a timely manner, that are in the best interests of the Company’s future and all its shareholders and other stakeholders. Based on the recommendations of the Audit Committee and after seeking inputs from Justice Chandra, an independent assessment and fact-checking of all allegations will be ensured. The Board will also suggest the measures to be implemented in the interest of the Company, once the detailed report is presented by the Committee.”