No concerns over financial statements for FY19, board to consider results on 27 May: Zee Entertainment

Zee said it has been informed that 'there are certain rumours floating in the market raising concerns about the audit of the financial statements of the company

Press Trust of India May 08, 2019 14:50:31 IST
No concerns over financial statements for FY19, board to consider results on 27 May: Zee Entertainment
  • The company has scheduled the meeting of the board of directors on 27 May, 2019, to consider financial results

  • The company said it was not in position to provide any comment or clarification regarding the stake sale process by its promoters

  • On Tuesday, promoters of Essel Group had said its stake sale process in ZEEL is at an advanced stage

New Delhi: Zee Entertainment Enterprises Wednesday said its board will consider standalone and consolidated results for 2018-19 on 27 May, scotching "market rumours" that raised concerns about the audit of the company's financial statements.

In a regulatory filing, the company said it has been informed that "there are certain rumours floating in the market raising concerns about the audit of the financial statements of the company for the fiscal year ended 31 March, 2019."

"We deny the above rumours floating in the market relating to the audit of the financial statements of the company," Zee Entertainment Enterprises Ltd (ZEEL) said.

It further said, "We wish to inform that the audit of the standalone and consolidated financial statements for FY 18-19 is very much in progress by M/s Deloitte Haskins & Sells, LLP, the statutory auditors of the company."

No concerns over financial statements for FY19 board to consider results on 27 May Zee Entertainment

File photo of Punit Goenka, CEO and MD, Zee Entertainment Enterprises. Reuters

The company has already scheduled the meeting of the board of directors on 27 May, 2019, to consider the said financial results at this meeting, it added.

In a separate filing, the company said it was not in a position to provide any comment or clarification regarding the stake sale process by its promoters, Essel Group.

On Tuesday, promoters of Essel Group had said its stake sale process in ZEEL is at an advanced stage.

Last year in November, the promoters had stated that they planned to divest up to 50 percent of their stake in ZEEL to a strategic partner.

"Understandably, in accordance with the said intent, the promoters have been in discussions/negotiations with various prospective investors...

"and the company is not in a position to provide any comment or clarification until such time any potential investor is identified and such arrangement is disclosed by the promoters to the board of directors of the company," ZEEL said in the filing.

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