Chaired by Justice Dr. Satish Chandra, former judge of Allahabad High Court, the IIC included ZEE’s independent directors: Uttam Prakash Agarwal, chairman of the audit committee and former president of the Institute of Chartered Accountants of India, and PV Ramana Murthy, chairman of the nomination and remuneration committee.
ZEE’s Board formed the IIC on February 27 to investigate regulatory allegations, with the aim of protecting the interests of shareholders and stakeholders. This action followed Securities and Exchange Board of India’s (Sebi) investigation against ZEE promoters for allegedly siphoning funds to other promoter-linked firms.
Sebi had also barred ZEE promoters from holding key positions in any listed companies. However, ZEE CEO Punit Goenka secured relief from the Securities Appellate Tribunal (SAT) last year, and his father, Subhash Chandra, challenged the confirmatory Sebi order dated August 14.
The committee said it reviewed all allegations raised by Sebi and concluded that no further action was necessary. It found that the transactions under Sebi’s investigation were part of normal business activities and did not negatively impact the company.
Since its formation, the committee said it has invested considerable time addressing concerns raised by Sebi. It consulted external audit firms, tax experts, and regulatory professionals to ensure a thorough evaluation.
