Zee Says Sebi's Allegations Of Rs 2000 Cr Fraud Are 'Incorrect & False'

Zee Entertainment Enterprises (ZEE) has said that Sebi's charges regarding an alleged Rs 2,000 crore potential fund diversion, which also impacted its share price, are ‘incorrect and false’. 

“The reports and rumours pertaining to accounting issues in the Company are incorrect and false. Pursuant to the SAT order, which granted relief to the current Key Managerial Personnel (KMP), the Company has been in the process of providing all the comments, information or explanation requested by Sebi, and has extended complete co-operation on all aspects,” said a ZEE spokesperson.

Earlier SEBI had said that over Rs 2,000 crore could have been diverted from the company, which is roughly 10 times greater than its initial projections. However,  the sum determined by Sebi is not final and may alter once the regulator evaluates the comments from company leaders.