Zee Entertainment slips 2% after ex-directors raise concerns

Subhash-Chandra-1---BCCL

Shares of broadcaster Zee EntertainmentNSE -1.22 % (ZEEL) slipped in the morning trade on Thursday after two former directors of the firm raised concerns over several issues, including Rs 2,200 crore film advance given in 2018-19.

According to a BSE filing by ZEEL, the two directors—Subodh Kumar and Neharika Vohra—- flagged the issue of “film advances given in 2018-19 to the tune of Rs 2,200 crore”, to which the company responded by saying the information has already been disclosed in its annual report and clarified in various investor interactions.

Kumar and Vohra also raised the matter of “a scheduled bank” appropriating “Rs 200 crore of the company’s fixed deposits towards promoter loans and the management did not take legal action”.

ZEEL, however, said issues pertaining to the wrongful revocation of the bank guarantee stand resolved with the company having being secured by the promoter companies and appropriate legal notices were sent to the bank at the relevant time.

The two directors also stated that no action was taken on large outstanding from Dish TVNSE -8.33 % and Siticable for the content supplied by ZEEL.

On Monday, ZEEL had announced that Independent Directors Neharika Vora and Sunil Sharma along with Non-Independent Director Subodh Kumar have resigned.

[“source=economictimes”]

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