Legal and Policies
Zee’s Independent Investigation Committee finds no material irregularities
Mumbai: The Independent Investigation Committee (IIC) constituted by the board of directors of Zee Entertainment Enterprises (Zee) submitted its report to the board of the company.
The committee, chaired by High Court of Allahabad’s former judge Justice Dr Satish Chandra, comprises Zee’s two independent directors – Audit Committee chairman and the Institute of Chartered Accountants of India former president Uttam Prakash Agarwal and Nomination and Remuneration Committee chairman, lawyer, author, and academic practitioner in HR and organisation development Dr. P.V Ramana Murthy. The committee conducted a thorough review of all allegations raised by the regulatory agencies. They carried out an extensive fact-checking exercise to verify all the documents and information provided by the company during the investigations to SEBI.
Since its inception, the committee invested substantial time to delve deeper into the areas of concern highlighted by regulatory agencies to curb the spread of misinformation. The committee sought advice from reputed external audit firms, taxation, and regulatory experts to ensure a comprehensive review.
Key points from the report include:
. The committee noted that the company provided complete support and shared detailed responses with SEBI.
. The company has implemented necessary remedial measures in respect of past issues already reviewed by SEBI.
. The company and board have provided evidence that appropriate and timely actions were taken to address SEBI’s concerns.
. The transactions under investigation did not adversely affect the company or its shareholders and were part of normal business operations. No material irregularities were reported.
. No further corrective or legal measures are required.
Dr Chandra commented, “We conducted a detailed review of all allegations, and necessary submissions have been made to the Board. The efforts of the Committee members, along with external advisors, enabled a comprehensive evaluation. We have not found anything adverse in the Company’s operations.”
The board has advised Zee to settle any pending adjudication proceedings with SEBI in a time-bound manner and focus on enhancing performance and profitability in line with the strategic growth plan implemented by the MD & CEO.
On 27 February 2024, the board of Zee instituted the IIC to address allegations raised by regulatory authorities in the interest of shareholders and stakeholders.
Legal and Policies
‘The India deal is on…’: India tariffs cut to 10% from 18% after Trump’s SC defeat
In response, Trump rolls out blanket 10 per cent tariff, “effective almost immediately”
WASHINGTON: The White House said on Friday that US trading partners, including India, will face a flat 10 per cent tariff after the Supreme Court struck down President Donald Trump’s use of emergency powers to impose sweeping import duties. Countries that reached tariff agreements with Washington, both before and after Trump’s original orders, will now be subject to the same 10 per cent levy, even if higher rates had previously been agreed.
The ruling invalidated Trump’s reliance on a 1977 law to levy sudden, country-specific tariffs, dealing a sharp blow to one of his signature economic policies. Within hours, the administration responded by certifying a new, across-the-board 10 per cent duty on imports into the United States.
In response, Trump announced an additional blanket 10 per cent tariff on all imports into the United States, signing a new order and saying on social media that it was “effective almost immediately”, after a year in which his administration had imposed varying duties to reward allies and punish rivals.
According to a White House factsheet, the new levy will take effect on 24 February and remain in force for 150 days. Exemptions will continue for sectors under separate investigations, including pharmaceuticals, and for goods entering the US under the US-Mexico-Canada Agreement.
A White House official told AFP that the administration would seek ways to “implement more appropriate or pre-negotiated tariff rates” at a later stage, signalling that country-specific arrangements could return through alternative legal routes.
The move directly affects India, which earlier this month announced a framework for an interim trade agreement with the United States. That arrangement followed Trump’s decision to lift 25 per cent punitive tariffs linked to India’s purchases of Russian oil and cut reciprocal duties from 25 per cent to 18 per cent. Under the new regime, Indian exports to the US will instead face the flat 10 per cent rate.
Trump insisted the Supreme Court verdict would not disrupt the India-US trade deal. “Nothing changes,” he said, adding that India would continue to pay tariffs while the United States would not.
“They’ll be paying tariffs, and we will not be paying tariffs. So the deal with India is they pay tariffs… It’s a fair deal now,” Trump said, describing the shift as a “flip” from past arrangements. “The India deal is on… all the deals are on—we’re just going to do it in a different way.”
Earlier on Friday, the Supreme Court ruled six to three that the International Emergency Economic Powers Act does not authorise a president to impose tariffs. Chief justice John Roberts said the law contained “no reference to tariffs or duties” and did not grant such “extraordinary power”.
Trump reacted angrily, accusing the court, without evidence, of foreign influence and claiming the ruling left him “more powerful”. Treasury secretary Scott Bessent later said the administration’s alternative approach would leave tariff revenues “virtually unchanged” in 2026.
The decision does not affect sector-specific duties on steel, aluminium and other goods, nor ongoing investigations that could lead to further levies. Still, it marks Trump’s most significant Supreme Court defeat since returning to the White House.
Markets reacted calmly, with Wall Street shares edging higher. Business groups welcomed the ruling, while uncertainty remains over whether companies will receive refunds for tariffs already paid. Analysts estimate potential refunds could reach $175 billion, though legal clarity is lacking.
