A Russian flag and logos of Sony and Zee are seen in this illustration taken January 30, 2024. REUTERS/Dado Ruvic/Illustration
| Photo Credit: Dado Ruvic
With its stock price tanking and causing heavy losses to investors following the collapse of the merger deal with Sony, the Board of ZEE Entertainment Enterprises Ltd. (ZEEL) has decided to constitute an Independent Advisory Committee that will “enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the company and consequent erosion of investor wealth,” the company said in a filing.
The committee will be presided by Satish Chandra, a former Judge of High Court of Allahabad, and will comprise of two Independent Directors of ZEEL, Uttam Prakash Agarwal and PVR Murthy.
The committee will independently provide guidance on the measures and future course of action that the Board is required to take in order to protect the interests of all the stakeholders,” ZEEL said.
The board will seek the expert guidance of the committee on the relevant matter from time to time.
