Independent Investigation Committee (IIC) Report Confirms ZEE’s Compliance

The Independent Investigation Committee (IIC), established by ZEE’s Board of Directors, has submitted its report, concluding that the company has fully cooperated with regulatory investigations and taken necessary corrective actions.

The committee was chaired by Dr Satish Chandra, the committee included ZEE’s independent directors Mr Uttam Prakash Agarwal and Dr. P.V Ramana Murthy. They conducted a thorough review of allegations raised by regulatory agencies, including SEBI.

The IIC’s findings include:

• Full Cooperation: ZEE has provided complete support and detailed responses to regulatory authorities.
• Past Issues Resolved: Necessary remedial measures have been implemented for past issues already reviewed by SEBI.
• Appropriate Actions: The company and board have provided sufficient evidence of timely action to address concerns raised by SEBI.
• No Adverse Impact: The transactions under investigation did not adversely affect ZEE or its shareholders and were found to be part of normal business operations.
• No Further Action Needed: The IIC reviewed the matter under adjudication with SEBI and determined that no additional corrective measures, policy changes, or legal steps are required.

Based on these findings, the Board has advised ZEE to proactively settle any pending adjudication proceedings with SEBI in a timely manner and focus on enhancing performance and profitability.

The IIC was instituted in February 2024 to investigate allegations and protect the rights of ZEE’s shareholders and stakeholders.

Commenting on the findings, Dr Satish Chandra, Chairman, of ZEE’s Independent Investigation Committee and Former Judge, of Allahabad High Court said, “We have invested a 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. The efforts sown 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. Basis 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.”

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