The announcement by the company comes amid a probe by market regulator Sebi against its promoters for alleged fund diversion.

Last week, the company announced constituting of independent advisory panel to curb erosion of its investor wealth in the wake of speculations leading to negative public opinion of the company.

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In a regulatory filing on Tuesday, Zee Entertainment Enterprises Ltd (ZEEL) said, “On recommendation of the audit committee, the Board of Directors of the company, in its meeting held today, has considered and approved to further expand and strengthen the role of the ‘Independent Advisory Committee’ by including ‘Investigation Assessment’ as a primary responsibility of this Committee.”

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Further, it said the board also approved to amend the nomenclature of the committee from “An Independent Advisory Committee” to ‘An Independent Investigation Committee’.

The independent advisory committee was to be headed by Satish Chandra, Retired Judge of Allahabad High Court, and also have two Independent Directors of the company — Uttam Prakash Agarwal and P V R Murthy, as members.

The committee will independently provide guidance on the measures and future course of action that the board is required to take in order to protect the interests of all stakeholders of the company, ZEEL said in a statement.

“The board will seek expert guidance of the committee on the aforementioned matters from time to time,” it added.

In the week between February 16-23, 2024, shares of ZEEL had declined 5.5 per cent on the BSE.

The market capitalisation of the company diminished ₹973.73 crore to ₹16,645.80 crore from ₹17,625.53 crore during the period.

However, earlier last week on Tuesday, shares of ZEEL settled 8 per cent higher amid reports that the company and Sony Pictures Networks (India) were working to salvage their USD 10 billion merger, which was terminated in January.

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Last year in August, Sebi through an interim order barred ZEE promoters Subhash Chandra and his son Punit Goenka from holding any directorships in listed companies, over allegations of funds siphoning.

However, Goenka, the Managing Director and CEO of ZEEL, was granted relief by the Securities Appellate Tribunal (SAT). Chandra had also filed an appeal in the matter to the tribunal.