‘Can’t confirm or deny’: Zee on Subhash Chandra’s stake hike remarks

Moneycontrol had reported that SEBI was examining whether the statement amounted to a violation.

WrittenBy:NL Team
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Days after a media report quoted Zee Entertainment Enterprises Ltd founder Subhash Chandra on plans to hike the Zee promoter family’s stake in the firm, the company has reportedly told the Bombay Stock Exchange that the remarks do not represent any proposal considered by the board.

A Moneycontrol report had on Tuesday suggested that the Securities and Exchange Board of India was looking into whether Chandra’s remarks amounted to a violation of the listing obligation and disclosure requirements.

The BSE had then sought a clarification from the company in a notification issued on January 30. “The Exchange has sought clarification from Zee Entertainment Enterprises Ltd on January 30, 2024, with reference to news appeared in www.moneycontrol.com dated January 30, 2024 quoting ‘Subhash Chandra’s statements on ZEEL stake hike under Sebi scrutiny”.

In its response to the BSE, the company said, “ZEEL is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading…Further, the statement quoted in the above-mentioned news article does not represent a decision or proposal that has been considered or approved by the Board. The company cannot on its own confirm or deny the above-mentioned new items and its source.”

This report was published with AI assistance.


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