Zee Entertainment Enterprises Ltd yesterday said its board has constituted an independent advisory committee headed by Satish Chandra, retired judge of Allahabad High Court, to curb erosion of its investor wealth in the wake of speculations, leading to negative public opinion of the company.

According to a PTI dispatch from New Delhi, earlier this week, media reports said market regulator Sebi has found financial discrepancies in the accounts of the company, although it asserted that the reports-related accounting issues were “incorrect and false”.

“The board of ZEE Entertainment Enterprises Ltd (ZEEL), has approved to constitute an independent advisory committee that will enable it to review and take cognizance of the widespread circulation of misinformation, market rumours, and speculation that has led to the formation of negative public opinion about the company and consequent erosion of investor wealth,” the media company said in a statement.

Meanwhile, according to a Reuters report earlier this month, Zee’s third-quarter profit more than doubled as a pick-up in subscriptions offset a soft advertising environment in its first results since its failed merger with Sony India.

Zee’s profit rose to 585 million rupees ($7.05 million) for the three months ended December 31 from 243.2 million rupees a year ago, the Reuters report stated.

The results come weeks after Sony scrapped its merger with Zee, ending a deal that could have created one of India’s biggest TV broadcasters, alleging breaches of contract.

Third-quarter subscription revenue was aided by the recognition of 590 million rupees from Siti Network, which belongs to Essel Group, Zee said in a statement.

Zee’s subscription revenue for the quarter rose 3 percent, while advertising revenue dropped 3 percent.