ZEE shares in focus as firm expands role of its independent advisory committee

Shares of ZEE Entertainment Enterprises Ltd (ZEE) will be in focus on Wednesday after the company said it has expanded and strengthened its independent advisory committee and included ‘investigation assessment’ as its primary responsibility. ZEE had on February 23 formed an 'Independent Advisory Committee' headed by a retired judge to help restore shareholders' confidence in the company.

"We hereby inform you that, on recommendation of the audit committee, the board of directors of the company, in its meeting held today, has considered and approved to further expand and strengthen the role of the ‘Independent Advisory Committee’ by including ‘Investigation Assessment’ as a primary responsibility of this committee," it said.

Besides, the ZEE board approved to amend the nomenclature of the committee from “An Independent Advisory Committee” to ‘An Independent Investigation Committee”.

Earlier, ZEE in a BSE filing on February 23 said that 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 company board constituted the Independent Advisory Committee headed by Satish Chandra, Retired Judge of High Court of Allahabad. Chandra would be the Chairperson of the committee, and two members of the board, i.e. Uttam Agarwal and PV Ramana Murthy, Independent Directors of the company.

ZEE shares saw a massive wealth erosion as its shares plunged last month following Sony's decision to call off its merger due to differences with the media firm's top leadership, which is facing a fund diversion probe by Sebi.

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