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Business EconomyPosted at: Oct 14 2021 5:44PM


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.
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