‘No accounting hole of $240 million’: Zee pans report of ‘diverting’ funds from its books

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Business Today Desk

Zee Entertainment on Wednesday panned a Bloomberg report that claimed a $240 million, or Rs 20,000 crore ‘accounting hole’ in the firm’s books, calling it 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.” a Zee spokesperson said.

Sebi’s findings add to Goenka’s woes, as the Zee CEO tries to reassure investors after its $10 billion merger plan with Sony fell apart. The transaction, two years in the making, was terminated in January after a months-long stalemate on who’ll lead the new entity.

Zee a few days back had panned reports of it re-engaging with Sony to assess if the merger can be revived.

The regulatory probe into the father-and-son duo’s alleged financial improprieties has led to much wrangling between Sony and Zee since mid-2023. It made Sony wary of letting Goenka helm the merged entity while Goenka refused to give in as the CEO spot was promised to him in the 2021 merger pact. The standoff ultimately led to Sony scuttling the deal in January.

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