Monday, Oct 18 2021 | Time 14:37 Hrs(IST)
Business Economy

Disappointed with the way current situation has unfolded: Punit Goenka

New Delhi, Oct 14 (UNI) In a new twist to the fight between Zee Entertainment Enterprises Ltd (ZEEL) and its shareholder Invesco, Zee Entertainment Enterprises MD and CEO Punit Goenka on Thursday said that he was disappointed with the way the current situation has unfolded.

Though he acknowledged that Invesco has been an extremely strong support to the company but said it pained him to 'see the relationship going sour today and the unfortunate circumstances that we all are facing.'

“My demeanour is not to indulge in an ill-natured fight. Such battles are best handled by legal experts. All I am contending for is to preserve the future of this company, and not my position. This fight is to ensure the company continues to gain immense growth opportunities and become a stronger and more formidable player in the media and entertainment sector,” he said.

He said all he wanted was a better tomorrow for Zee, one that is filled with higher returns and value for shareholders and immense growth opportunities for the company and its people.

''But one, that is also formed with utmost honesty, transparency and positivity. Unfortunately, the way the current situation is unfolding is what disappoints me,'' he said.

He said during his briefing to the Board, he had emphasised on the points pertaining to the proposal from Invesco and his attention was on the imbalance observed in the valuation and how it was not in the interest of the shareholders.

''The only reason I did not agree to the proposal was because the shareholder value was getting compromised,'' he said.

"It is not about one versus the other. The shareholders and management of a company are two sides of the same coin. It is all about increasing the value of that coin together for the betterment of all the shareholders and the company at large. Under the guidance of the Board and in line with the advice sought from our legal counsel, I will continue to take the required steps to safeguard ZEE and its future,'' he said.

The fight between Zee Entertainment Enterprises Ltd (ZEEL) and its shareholder Invesco is getting murkier by the day. Recently, Invesco had released an open letter to shareholders raising governance issues and leadership failures while Zee Entertainment Enterprises had claimed that Invesco had in February proposed a deal that could have caused shareholders a loss of at least Rs 10,000 crore.

On September 11, 2021, Invesco, the largest shareholder of ZEE with a 17.88 per cent stake in the company, had sought an extraordinary general meeting of the shareholders to remove Mr Goenkar and two directors. Two directors quit. Later, ZEE announced a potential merger with Sony Pictures Network India. Invesco objected to it. At present both parties have filed cases in courts.
More News

HeyHey! raises 1 5 million USD while strengthening its foothold as a leading celebrity video platform in India

18 Oct 2021 | 2:06 PM

The Singapore-based start-up aims to revolutionize the category of personalized celebrity videos through creativity, tech and a large & diverse talent pool. The platform currently exists in India and Japan and has global ambitions MUMBAI, India, Oct. 18, 2021 /PRNewswire/ - With massive global ambitions up its sleeve, celebrity engagement start-up HeyHey! has recently raised 1.5 million USD from notable investors including Electric Capital, Vector Media, Yoshimoto Kogyo. The company's platform has recently launched in India to provide fans with an opportunity to request personalized videos from celebrities across multiple creative fields, thereby bridging the gap between awe-filled, starstruck Indians and their favourite stars.

see more..

Scholarship For MBBS & Medical Admission Available on Private Medical Colleges in Bangladesh

18 Oct 2021 | 2:02 PM

10000 (Ten Thousand) US Dollars' worth Waiver on Scholarship Offered Through Fortune Education For MBBS Admission on private medical colleges under various medical universities in Bangladesh as per Merit & Seats availability. NEW DELHI, Oct. 18, 2021 /PRNewswire/ - A pioneer in educational consultancy, established in 2004, Fortune education is all set to offer scholarships to interested and eligible candidates aspiring to study MBBS and Medicine in Bangladesh. Apart from effective scholarships, they help the eligible students with the application and admission procedure, guidance and documentation, and other services as and when required.

see more..

Hindustan Zinc wins prestigious S&P Global Platts Global Metal Award

18 Oct 2021 | 1:58 PM

MUMBAI, India, Oct. 18, 2021 /PRNewswire/ - Hindustan Zinc, one of the world's largest producer of integrated Zinc, Lead and Silver, won the 'Industry Leadership Award - Base, Precious and Speciality Metals' at the prestigious S&P Global Metal Awards held at a sprawling hybrid event held in London on October 14, 2021. S&P Global Platts' ninth edition of the Global Metal Awards, recognized and honoured the best-of-the-best in the metals and mining industry across 16 categories spanning individual and corporate accomplishments. Hindustan Zinc swooped the 'Industry Leadership Award' from a pool of 113 finalists across 21 countries around the globe

see more..

Rishabh Pant Starts his NFT Journey with Rario

18 Oct 2021 | 1:55 PM

NEW DELHI, Oct. 18, 2021 /PRNewswire/ - Indian wicketkeeper and Delhi Capitals captain Rishabh Pant bagged yet another lucrative deal as he signed on with cricket NFT platform Rario. He is the latest cricket star to capitalise on the rising popularity of NFTs by inking the exclusive partnership.

see more..