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ZEEL MD and CEO Punit Goenka on the Invesco case

Many important aspects of the G-Entertainment and Invesco controversy emerge daily. The Reliance itself confirms that it wants to appoint Punit Goenka as MD and CEO. At the same time, big media expert Dr. Anurag Batra also helped Punit Goenka. After all, Invesco is absolutely a hind leg, and its intent is in front of everyone. Now, for the first time in this controversy, Punit Goenka himself has issued a statement.

In the Invesco proceedings, Zee Entertainment’s MD and CEO Punit Goenka said: It came to the fore. “

He writes: “I was forced to break the silence on an ongoing issue. That’s why I’m writing this memo today. I’m always very transparent in all communications and confirm this statement. Share. I would like to say. My thoughts on the status quo, but I sincerely hope that this is my first and last communication on this issue and that I can focus on my value-creating journey at ZEE. “

“First of all, I would like to admit that Invesco has supported us very strongly. Today, we are witnessing the unfortunate situation that this relationship is deteriorating and we are all facing. It’s hard to do. “

“Why didn’t Invesco announce its plans before? Does good corporate governance apply only to businesses, not to institutional investors?” He asked.

Over the past few days, especially after the announcement of the merger of ZEEL and Sony Pictures Networks India (SPNI), several media houses have published unfounded hollow reports to fight the defeat of ZEEL, especially Goenka. Managing Director (MD) and CEO of the merged company. Goenka’s statement could wipe out the air around the problem.

Statement from Punit Goenka’s desk

Silence may be the best answer, but in certain situations I have found it better to break the silence at the right time so that the truth comes to the fore. I was forced to break the silence on an ongoing issue, and this is why I am writing this memo today. I am always very transparent in all communications and refer to this statement. I would like to share my thoughts on the current situation. However, I sincerely hope that this is my first and last communication on this issue and that I can concentrate on my value-creating journey at ZEE.

First of all, I would like to admit that Invesco has supported us very strongly in most cases. This relationship worsens today and it afflicts me to see the unfortunate situation we all face.

During my journey at ZEE, I worked very hard to grow the company into today’s successful entertainment powerhouse. This success is the result of the hard work of thousands of people every day throughout our office. As the proud parent of the institution we have grown up with, I am proud to recognize the interest of leading companies around the world, partner with us and be part of our extraordinary future. think. What I want is a better tomorrow for ZEE, full of higher returns and value for shareholders, and immeasurable growth opportunities for the company and its people. But one is that it is also formed with maximum integrity, transparency and positivity. Unfortunately, the way the current situation unfolds is disappointing to me.

My attitude is not to indulge in a bad fight. Such battles are best handled by legal professionals. All I’m fighting for is not my position, but the protection of the company’s future. This battle is to ensure that we continue to seize enormous growth opportunities and become stronger and more formidable players in the Media & Entertainment sector. It must not affect the future of ZEE or reduce the shareholder value that ZEE has consistently generated over the years.

The main reason for presenting a series of communications exchanged with Invesco to ZEE’s board of directors was to reveal the truth for the benefit of all stakeholders.

In the briefing to the board, he emphasized the point regarding the proposal from Invesco. My attention was on the imbalances observed in the valuation and the way it was not in the best interests of shareholders. The only reason I disagreed with the proposal was that shareholder value was at stake. I endure all the pressure to maintain the intrinsic value of ZEE and not affect the interests offered to all shareholders.

We acknowledge Invesco’s stance, but communication on such proposals is always well documented and disagrees. I have to give a lot of points, but I’m sure there is a good time and place to do that. Our lawyers do what they need to do in court, if necessary. But as a personal note, I also have some questions. Why didn’t Invesco announce the plan before? Does good corporate governance apply only to companies, not to institutional investors? As a representative of law-abiding citizens and responsible corporate citizens, I fully trust India’s judicial and regulatory system and are therefore confident that we can all answer these questions. ..

We ensure that no one undermines the intrinsic value of this company for their own benefit. I will continue to pursue this in the best interests of all shareholders and at huge personal expense. In this situation, it’s not about one and the other. Shareholders and company management are two sides of the same coin. It is to increase the value of the coin together for the improvement of all shareholders and the company as a whole.

Under the guidance of the Board of Directors, following the advice of a lawyer, I will continue to take the necessary steps to protect ZEE and its future.

After all, truth is powerful, and my hope is that in the end only truth and justice will win.

Very truly yours,

Punit Goenka

ZEEL MD and CEO Punit Goenka on the Invesco case

Source link ZEEL MD and CEO Punit Goenka on the Invesco case

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