New Delhi: ZEEL MD and CEO Punit Goenka on Thursday broke silence for the first time over the ZEEL-Invesco fiasco and said he is ready to withstand any amount of pressure to preserve ZEE’s intrinsic value and ensure that nothing impacts the returns being delivered to all the shareholders.Also Read - ZEEL-Invesco Case: Reliance Releases Statement, Confirms Merger Proposal Included Continuation of Punit Goenka as MD And CEO
Issuing a statement, Goenka said that the key reason for him to present the series of communications exchanged with Invesco to the Board of Directors of ZEE was to bring the truth out in the interest of all stakeholders. Also Read - Punit Goenka Exposes Invesco’s Fraud In ZEEL Board Meeting
“During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco. My attention was on the imbalance observed in the valuation and how it was not in the best interest of our shareholders. The only reason I did not agree to the proposal was because the shareholder value was getting compromised,” he said. Also Read - ZEEL Gets Massive Support From Sadhu Samaj Amid Invesco's Takeover Bid; Dr Subhash Chandra Expresses Gratitude
“I too have a lot of points to put across, but I firmly believe that there is a right time and place for it. Our lawyers will do the needful in the court of law, as deemed necessary. But on a personal note, I have some questions as well. Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors?,” he asked.
He said that he will ensure that no one maligns the intrinsic value of this Company for their own benefit, and added that he will continue to pursue this in the best interests of all shareholders, and at immense personal costs.
“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,” he said.
However, he said that he is disappointed with the way the current situation has unfolded. While acknowledging that Invesco has been an extremely strong support to ZEE, he said it is painful for him to see this “relationship going sour today and the unfortunate circumstances that we are all facing.”
“Firstly, I would like to acknowledge that Invesco has been an extremely strong support to the Company, for the most part. It pains me to see this relationship going sour today and the unfortunate circumstances that we are all facing,” he said in a statement.
Saying that in his journey, he has strived hard to build the Company into this successful entertainment powerhouse that it has become today, he said the success is a result of the hard work sown in by thousands of people every single day across our offices.
“All I want is 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 added.
It must be noted that Invesco, the largest shareholder of ZEE with a 17.88% stake in the company, had on September 11 sent a requisition notice to the company’s board seeking an extraordinary general meeting (EGM) of the shareholders seeking removal of Goenka and two other directors from the board.