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Zee to take action against PEPL chief
MUMBAI,
DEC. 21.
Zee Telefilms Ltd. (ZTL) is to initiate legal action against G. A. Seshagiri Rao, Chairman and Managing Director of Padmalaya Enterprises Pvt. Ltd. (PEPL), a subsidiary of ZTL, Padmalaya Telefilms Ltd. (PTL), his brother Krishna Murthy and relatives for alleged fraudulent actions.
Following reports of certain irregularities in the functioning of PEPL and PTL in August, Zee had appointed Guru and Ram, a Chennai-based accountancy firm, to investigate into the working of these two companies.
The investigations revealed that Mr. Rao and his relatives were allegedly involved in various unauthorised and fraudulent acts, including misappropriation of equity shares, ZTL said in a release here today.
PTI
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