Zee Denies Rumours, Says Audit By Deloitte In Progress; Stock Drops 10%
Zee Entertainment Enterprises Ltd. said the audit of financial statements by Deloitte Haskins & Sells LLP was “very much in progress”, refuting rumours about auditor concerns as its shares fell the most in more than three months.
“We deny the rumours floating in the market relating to audit of the financial statements,” the Subhash Chandra-led group company said in an exchange filing. Deloitte has been its statutory auditor since financial year 2017-18, when it replaced MGB & Co LLP. The company said the audited books will be considered for approval in the board meeting scheduled on May 27.
Shares of Zee Entertainment fell as much as 12.4 percent early on Wednesday, the worst decline since Jan. 25, before paring losses. The stock has tumbled 41 percent in the past 12 months amid investor concerns about the promoter group debt. Essel Group, the controlling shareholders, in November announced plans to sell half its stake in the flagship company to a strategic partner.
Essel Group has said that the stake sale process of Zee Entertainment had reached an advanced stage, while refusing to divulge details citing confidentiality pact.
Mutual funds have agreed to a standstill with the Essel Group on debt and pledged shares. In fact, Kotak Mahindra Asset Management Company told its fixed maturity plan investors that they may not be able to redeem their entire amount because of its exposure to Essel Group. HDFC Mutual Fund rolled over a scheme to delay redemption.
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
