Board to put an end to market rumours on co's FY19 results on May 27: ZEEL

Zee Entertainment Enterprises Wednesday said its board will consider standalone and consolidated results for 2018-19 on May 27, scotching "market rumours" that raised concerns about 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 audit of the financial statements of the company for the fiscal year ended March 31, 2019."

"We deny the above rumours floating in the market relating to 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."

The company has already scheduled the meeting of the board of directors on May 27, 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 per cent 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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