Markets regulator SEBI alleged last year that Zee Group's founders, Chairman Subhash Chandra and CEO Puneet Goenka, were actively involved in diverting company funds to the group's other listed entities and other firms related to its founding shareholders. Both men have denied any wrongdoing.

In the latest development in the probe, SEBI discovered that the missing amount was roughly 10 times higher than investigators had initially estimated.

The missing amount calculated was not final and could be revised after SEBI reviews responses from the company's executives, the report added.

Zee and SEBI did not immediately respond to Reuters requests for comment after regular hours.

Japan's Sony Group terminated a merger with Zee last month due to certain unresolved "closing conditions" and leadership disputes, including disagreements over Goenka's involvement in regulatory matters.

Indian business daily the Economic Times reported on Tuesday that Zee was making a final attempt to restart discussions with Sony to revive their $10-billion deal, which was scrapped on Jan. 22.

In October, an Indian tribunal had lifted a ban that prevented Goenka from holding board positions. This followed SEBI's view that an assumption the CEO might cause risk to the company's assets was "patently erroneous", as the merged entity would have a separate corporate structure.

($1 = 82.8641 Indian rupees)

(Reporting by Angela Christy and Maria Ponnezhath in Bengaluru; Editing by Pooja Desai)