Zee asks why Invesco didn’t make its plans public earlier – Times of India

Zee asks why Invesco didn’t make its plans public earlier – Times of India


NEW DELHI: Zee Entertainment MD & CEO Punit Goenka on Thursday said he will continue to take required steps to safeguard the company and its future under the guidance of its board, amid the escalating fight with the media major’s largest shareholder Invesco, which has called for his removal from office. Breaking his silence after almost a month since the boardroom war began, Goenka questioned the intention of Invesco for not making public a proposed deal with RIL earlier.
“Why didn’t Invesco make its plans public earlier?… Does good corporate governance only apply to corporates and not their institutional investors?” Goenka said.
Invesco, along with OFI Global China Fund LLC, holds nearly 18% in Zee and has been pressing for an extraordinary general meeting (EGM) to discuss various issues, including the removal of Goenka and appointment of its nominees on the company’s board.

According to Goenka, the fight with Invesco is to ensure Zee continues to gain growth opportunities and become a stronger player in the media and entertainment sector. Goenka said that he would not let anyone impact the future of Zee or diminish the shareholder value it has been consistently generating over the years. “All I am contending for is to preserve the future of this company, and not my position,” he said.
Goenka said the deal negotiated with Reliance, which however could not be fructified, was advanced by Invesco, and later he presented the fact before the Zee board to “bring the truth out in the interest of all our stakeholders”. “I acknowledge the stance that has been taken by Invesco but communications pertaining to such proposals are always well-documented, and they speak to the contrary. I too have a lot of points to put across, but I firmly believe that there is a right time and place for it,” he said.





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