‘On whose directions Invesco is acting?’ Dr Subhash Chandra asks these tough questions that will make Invesco uncomfortable

Dr Subhash Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?"

Dr Subhash Chandra, said, "I with many of my friends have given their blood and sweat for the past 30 years to ZEEL."

For the past few days, especially after the mega-merger announcement between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI), some media houses are publishing baseless and hollow reports to fight a losing battle against ZEEL, and especially against Punit Goenka as he will continue as the Managing Director (MD) and Chief Executive Officer (CEO) of ZEEL.

Some media reports are falsely citing Invesco's version to take on ZEEL MD & CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD & CEO Punit Goenka. The reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself has come forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited has now left no room for any confusion and will leave publishers of false and baseless reports red-faced.

'Blood and sweat to ZEEL'

TRENDING NOW

Commenting on the entire matter, Dr Subhash Chandra, said, "No matter who runs ZEEL but the company, to which I've and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don't have any profit or loss associated with this."

Questions to the vested interests of someone

Also, taking on the media reports, Dr Chandra added, "I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom."

WATCH: FULL VIDEO STATEMENT BY ZEEL FOUNDER DR SUBHASH CHANDRA:-

Questions to Invesco

Stating about the Invesco, Dr Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?"

"You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal, "Dr Chandra said posing some really tough questions to Invesco.

इनवेस्को बताए कि किस कॉरपोरेट हाउस का मोहरा है?

जिस डील को बाजार से थंप्स अप, उससे परेशानी क्या?

इनवेस्को के गुमराह करने पर क्या रेगुलेटर्स चुप रहेंगे?#Invesco के इरादों पर डॉ सुभाष चंद्रा के बड़े सवाल..@subhashchandra | #Zeel pic.twitter.com/F6tzdb8bkN

— Zee Business (@ZeeBusiness) October 5, 2021

Questions to regulators

On the regulators, Dr Chandra said, "The first and prime responsibility of the regulators is to protect the interest minority shareholders. So, they should ask Invesco that it should come out transparently. And, regulators should make sure that minority shareholders have both the things in hand to decide whether to vote for Invesco or Sony's deal with ZEEL."

ZEEL-SONY DEAL

The Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) in its board meeting held on 21st September 2021, had unanimously provided in-principle approval for the merger between Sony Pictures Networks India (SPNI) and ZEEL.

The Board had evaluated not only on financial parameters but also on the strategic value which the partner brings to the table. The Board had concluded that the merger will be in the best interest of all the shareholders and stakeholders.

Punit Goenka will continue as the Managing Director (MD) and Chief Executive Officer (CEO) after the merger of Zee Entertainment and Sony Pictures India.

The Board had authorised the management of ZEEL to activate the required due diligence process. The shareholders of SPNI, will hold a majority stake in the merged entity. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately $1.575 billion at closing, for use in pursuing other growth opportunities.

TAGS: