The Independent Investigation Committee (IIC) constituted by the Board of ZEE Entertainment Enterprises Ltd. (ZEE) has not found any material irregularities in the company’s operations, ZEE said in a statement on Thursday.

“The Committee conducted a thorough review of all the allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI,” it said.

Satish Chandra, Chairman, ZEE’s Independent Investigation Committee and former Judge, Allahabad High Court said, “We have invested significant amount of time and energy to conduct a detailed review of all the allegations and the necessary submissions have been made to the Board. The required records and information were sought from the company, its management and promoters over the last few months, which were duly verified by the Committee along with a set of experts from the financial domain,” he said.

“The efforts sown in by the Committee members, Dr. Murthy and Mr. Agarwal, along with the external advisors, enabled us to conduct a comprehensive evaluation of all the points. The Committee has noted the support extended by the management, which enabled it to complete the review in a timely manner,” he added.

‘No adverse findings’

“Based on our report, we have not found anything adverse or untoward in the company’s operations and a detailed report has been submitted to the Board elaborating our findings,” he further stated.

Post the submission, the Board advised the company to “proactively settle” any pending adjudication proceedings with SEBI in a time-bound manner, in the interest of the shareholders and all stakeholders of the company. The Board has further advised the company to focu on enhancing the performance and profitability across all aspects, in line with the strategic growth plan implemented by the MD & CEO [Punit Goenka].

On February 27, 2024, the Board of ZEE had instituted the IIC to take the necessary measures to delve into allegations levelled by regulatory authorities to protect the rights of the company’s shareholders and all stakeholders.