The Independent Advisory Committee will be chaired by retired Allahabad High Court judge Satish Chandra. It will also comprise Uttam Agarwal and PV Ramana Murthy, who are independent directors of the company.
“We hereby inform you that while taking cognizance of widespread circulation of misinformation, market rumours, and speculation that has led to formation of negative public opinion about the Company and consequent erosion of investor wealth, the Board of Directors of the Company has constituted an Independent Advisory Committee headed by Dr. Satish Chandra, Retired Judge of the Hon’ble High Court of Allahabad, who shall be the Chairperson of the Committee, and two members of the Board, i.e. Mr. Uttam Agarwal and Dr. P V Ramana Murthy, Independent Directors of the Company,” Zee said in an exchange filing.
Earlier this week, with the media reports alleging a $240 million or Rs 2,000 crore ‘accounting hole’, the media company termed it incorrect and false.
“Reports and rumours pertaining to accounting issues in company are incorrect and false. We are in process of providing all comments requested by SEBI and have extended complete co-operation on all aspects,” news agency Reuters had quoted the company as saying.
Zee-Sony’s $10-billion merger had been officially called off on January 22. The mega merger, in the works for two years, would have created an Indian TV juggernaut with more than 90 channels across sports, entertainment and news that would have competed with the likes of Walt Disney, and billionaire Mukesh Ambani’s Reliance. In terminating the merger, Sony also cited alleged failure by the Indian media company to meet some financial terms of the deal, a dispute over compliance issues including disposal of some Russian assets.
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