InvestorQ : Why did the stock of Zee Entertainment correct so sharply in the market? Is it because of the promoter issues?
sara Kunju made post

Why did the stock of Zee Entertainment correct so sharply in the market? Is it because of the promoter issues?

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Roshni Hegde answered.
2 years ago
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The Zee Entertainment Enterprises (ZEEL) stock plunged by 7% to Rs 229 (BSE) on 5th Feb 2020 after the news that the corporate affairs ministry seeks inspection of the financials of the company. ZEEL is a broadcasting & cable TV operator that recorded an 11 % fall in the past two trading days.
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2 years ago
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There have been reports of the books of accounts of Zee Entertainment being inspected by the Ministry of Company Affairs (MCA). This inspection by MCA follows allegations of corporate governance lapses by the company after some of its independent directors quit the company. Inspection has been ordered under Section 206 (5). Zee has denied reports of any investigation and has clarified that most of the information sought by the MCA is already available in the public domain. Late last year, two independent directors; Niharika Vohra and Sunil Sharma had resigned from the board citing lapses in corporate governance. This included guarantees given by the company on behalf of group companies without the approval of the Board.

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