00:00 Zee Entertainment Enterprises is not taking the name of the difficulties of being less.
00:04 The company was not even afraid of the merger deal breaking with Sony that market regulator SEBI has increased its concern.
00:10 According to media reports, SEBI has disclosed a missing report of 24 crore dollars from ZEE Entertainment Enterprises Limited.
00:20 In SEBI's investigation, it has been found that around 24.1 crore dollars have been diverted from the company.
00:26 According to SEBI's investigators, the amount was 10 times more than the initial estimate.
00:32 SEBI has asked for clarification from the company's senior officials.
00:36 The company's founder Subhash Chandra and his son Punit Goenka are among them.
00:40 Some board members have also been asked for clarification on this matter.
00:44 A ZEE spokesman said that the company is in the process of providing all kinds of information to SEBI.
00:49 Due to the investigation by SEBI against Subhash Chandra and Punit Goenka, the deal between Sony and ZEE could not proceed.
00:55 The deal between the two companies was in 2021.
00:58 According to this, Goenka was to be made the CEO of the company after the merger.
01:03 But due to SEBI's investigation, Sony was not easy to take it.
01:07 Finally, he said goodbye to this deal in January.
01:10 Meanwhile, on Tuesday, it was reported that ZEE is once again looking for a deal with Sony.
01:17 It was seen quite quickly in the company's shares yesterday.
01:20 SEBI had banned ZEE's founders Subhash Chandra and Punit Goenka from becoming executives or directors in any listed company.
01:29 SEBI found in its investigation that Chandra and Goenka had misused their positions and seized funds for their benefit.
01:36 ZEE appealed to the Appellate Authority against SEBI's order and it was relieved in October.
01:42 The Appellate Authority gave permission to Sebi to hold the executive position during the investigation.
01:48 In the last financial year, ZEE's profit had fallen by 95%.
01:52 In the December quarter, it also profited 58.54 crores.
01:57 SEBI's recent update has increased Goenka's problems because after the failure of the 10 billion dollar merger plan with Sony,
02:05 ZEE's CEO was trying to convince investors.
02:08 After a month of protest over who would lead the new unit, the merger was terminated last January.
02:17 After SEBI's closure, ZEE Entertainment Enterprises' shares were hit hard.
02:23 After SEBI's closure, investors started selling ZEE's shares.
02:27 More than 14% of its shares were sold.
02:30 Although there was some recovery, with a price of Rs. 170.95, ZEE's shares are trading at 11%.
02:39 Last year, on December 12, 2023, these shares were at their high and were trading at Rs. 299.50.
02:46 After the decision to withdraw from the merger, on January 23, 2024, they were at Rs. 152.50.
02:53 In two and a half months, ZEE's shares fell by about 42%.
02:57 And even today, it has fallen by 11% to 14%.
03:01 What will happen next, we will keep giving you updates through GoodReturns.
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