Zee Entertainment :Enterprises on Thursday questioned the silence of its largest investor, Invesco, over the junction deal pitched by the fund in February and its lack of commercial governance while seeking to change the board of the company In a letter, Zee Managing Director and Chief Executive Punit Goenka asked why Invesco was silent when it made the extraordinary general meeting importunity about its part as an investment banker. “ Does good commercial governance only apply to companies and not their institutional investors? As a law- abiding citizen and a representative of a responsible commercial citizen, I’ve and repose complete faith in the Indian judicial and nonsupervisory system and, hence, I’m most certain that these questions will be answered for all of us,” he said Goenka said he’d insure that no bone maligns the natural value of this company for their own benefit, and he’d continue to pursue this in the stylish interests of all the shareholders, and at immense particular costs.
“ In this situation, it isn’t about one versus the other. The shareholders and operation of a company are two sides of the same coin. It’s each about adding 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’ll continue to take the needed way to guard ZEE and its future,” he said Invesco, which is an 18 per cent shareholder in ZEE, and the Zee board are engaged in a preemption battle with Invesco seeking to remove Goenka and appoint six of its directors. After Zee revealed that Invesco was pushing a junction deal with a strategic investor, which would have led to a loss of Rs crore for all Zee shareholders, Invesco said it was just a facilitator for a junction between Reliance- possessed realities.
During my briefing to the board, I emphasised the points pertaining to the offer from Invesco. My attention was on the imbalance observed in the valuation and how it wasn’t in the stylish interest of our shareholders. The only reason I didn’t agree to the offer was because the shareholder value was getting compromised. I’ll repel any quantum of pressure to save ZEE’s natural value and insure that nothing impacts the returns being delivered to all the shareholders,” Goenka said The Goenkas enjoy a 4 per cent stake in the company.
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