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Legal Correspondent: Saura Patil
October 15, 2021: “The only reason I did not agree to the proposal was because the shareholder value was getting compromised. I will withstand any amount of pressure to preserve Zee intrinsic value” – Punit Goenka
After almost a month since the boardroom war began, Zee Entertainment MD and CEO, Goenka questioned the intention of Invesco for not making the proposed deal public with the RIL earlier. Zee
According to Goenka he will still take all the required steps to guard the company and its future under the guidance of its board, amid the intensifying fight with its largest shareholder Invesco, which has called for his removal from office. Invesco, alongside OFI Global China Fund LLC, holds nearly 18% in Zee entertainment and has been persistent for an Extraordinary General Meeting (EGM) to discuss various concerns including removal of Goenka and appointment of its nominees on the company’s board.
Goenka raised the question, “Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors?” As per Goenka, the fight with Invesco is to make sure that Zee continues to grow and get hold of opportunities and become a robust player in the media and entertainment industry. Goenka also stated that he would not let anyone impact the future of Zee or affect the shareholder value it has been consistently generating over the years.
The deal negotiated with Reliance which could not be fructified, Goenka said, was advanced by Invesco. He later presented the fact before the Zee board to bring the truth out in interest of all our stakeholders.
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