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Tag: Zeel

  • ‘Will safeguard Zee and its future’: Punit Goenka on Zeel-Invesco tussle

    ‘Will safeguard Zee and its future’: Punit Goenka on Zeel-Invesco tussle

    Mumbai: In a new development, Zee Entertainment Enterprises Ltd (Zeel) managing director and chief executive officer has publicly spoken regarding the company’s ongoing boardroom battle with its investor, Invesco Developing Markets Fund.

    “We will ensure that no one maligns the intrinsic value of this company for their own benefit, and I continue to pursue this in the best interest of all our shareholders and at immense personal costs,” stated Goenka.

    Referring to the merger proposal with media business under Reliance Industries in February-March, he wrote that the reason for disclosing the series of communications exchanged between Invesco and the board of directors of Zeel was “to bring the truth out in the interest of all our stakeholders.”

    According to Goenka, the valuation attributed to the media entities under Reliance was inflated by Rs 10,000 crore and as a result, felt that the deal would result in a loss for shareholders of the company.  

    “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 that the shareholder value was getting compromised,” he added.

    Goenka acknowledged the stance taken by Invesco but noted that “communications pertaining to such proposals are always well-documented, and they speak to the contrary.”

    On a personal note, he questioned Invesco’s intentions on the basis of their actions and asked pertinent questions, “Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors?”

    He affirmed his faith in the Indian judicial and regulatory system and said that under the guidance of his legal counsel he would take the “required steps to safeguard Zee and its future.”

    The Zeel-Invesco tussle began when the media company’s two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company had sent a requisition notice to the company on 11 September to call an EGM even after two weeks, the investors moved to NCLT, citing provisions of company law, according to which the company is bound to call for an EGM within a specific number of days if stakeholder demanding it owns more than 10 per cent of the company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations. 

    The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (MIB).

    Zeel refused to conduct the EGM citing ‘shareholders interest,’ and moved to Bombay high court on 2 October seeking to declare the requisition notice as “illegal and invalid.” Meanwhile, Invesco moved a requisition petition with the National Company Law Tribunal (NCLT) to call for an EGM.

    The next Bombay high court hearing is scheduled for 21 October and the next NCLT hearing is scheduled for 22 October.

  • Zeel responds to Invesco’s Open letter, dismisses allegations regarding Sony-Zeel merger

    Zeel responds to Invesco’s Open letter, dismisses allegations regarding Sony-Zeel merger

    New Delhi: Zee Entertainment Enterprises Ltd (Zeel) has responded to Invesco’s Open letter, clearing the air regarding certain accusations made by the investors regarding the Zeel-Sony merger.

    In its biting Open letter issued on 11 October, Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in Zeel had compared the Zeel-Sony merger to nothing more than a ‘camouflage’ to distract from the main issue. The investors had also accused the Company of “repeated governance failure” and “underperformance”, and said the deal “favours certain shareholders”.

    On Wednesday, Zeel responded saying Invesco’s statements were “half-truths” and urged the investors to let the Board of directors of the Company and the management work towards finalising this deal, which according to it is “clearly for the benefit of all stakeholders.”

    Referring to Invesco’s statement that it “will firmly oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders,” Zeel said, that their (Invesco’s) stance runs contrary to the very deal Invesco was itself proposing only a few months ago (referring to the deal with Reliance whose details were shared by MD Punit Goenka in a letter to the Board.)

    “By way of comparison, the quantum of shareholding proposed to be transferred to the promoter group in the Sony Deal is substantially less (by as much as approx. 4 per cent) than what was being proposed by Invesco in the deal brought by them,” said the Company. Furthermore, the transfer of approx. 2.11 per cent shares by the promoters of Sony is a secondary transaction that will not be dilutive to any shareholder of the Company, unlike the proposal deal with Reliance.

    The Company also emphasised that as per the terms of the deal with Sony, the promoter family is free to increase its shareholding from the current – 4 per cent to up to 20 per cent, but in a manner that is strictly in “accordance with applicable law.”

    Zeel also dismissed the allegations made regarding the Sebi advisory letter to Zeel in June 2021, which according to Invesco raised “lack of governance oversight by Zeel’s current board.” The Company stated that Sebi had also suggested some corrective measures and Invesco has been working alongside the Company in taking and recommending corrective measures all along.

    “All these facts and Invesco’s silence as regards these issues in its own requisition notice, gives us a reason to believe that Invesco ‘s recent actions are inconsistent with their past behaviour, and have been undertaken as an afterthought after various investors and analysts have sought to understand the rationale behind Invesco’s actions of these past few weeks,” said the Company.

    Zeel also pointed out the apparent ‘lack of transparency’ from Invesco’s side, as it did not disclose the fact that they were negotiating a deal on behalf of the Company without any authority, even while criticising the Sony deal by way of the Open Letter disclosure made by the Company to the stock exchanges on 12 October. It was only Zeel made a disclosure, that Invesco came out with the details.

    The Company also dismissed the ‘unsubstantiated aspersions on the management of the Company and has made comments in relation to the “permissive culture” of the Board, and said that five out of the six existing independent directors on the Board of the Company were appointed after Invesco’s investment in 2019 and that Invesco was consulted and their views were positively considered at the time of making such appointments.

    “Accordingly, Invesco’s actions of the past few weeks, open letters against the Company and the Board and their general lack of transparency, have given the Board reason to believe that their actions are motivated by concerns entirely extraneous to any corporate governance issue,” said the Company.

  • Zee-Invesco tussle: Bombay HC gives Invesco time till 20 Oct to file reply

    Zee-Invesco tussle: Bombay HC gives Invesco time till 20 Oct to file reply

    Mumbai: The Bombay high court on Wednesday heard the petition filed by Zee Entertainment Enterprises Ltd (Zeel) against the requisition notice sent by its investor Invesco Developing Markets Fund. The court has asked Invesco to file its reply by 20 October and will hear the matter on 21 October.

    National Company Law Tribunal (NCLT) has given Zeel time until 22 October to file its reply to Invesco’s requisition plea after a hearing on 8 October.

    Zeel’s two top investors Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in the company had sent a requisition notice to the company on 11 September to call an EGM even after two weeks, the investors moved to NCLT, citing provisions of Company Law, according to which the company is bound to call for an EGM within a specific number of days if stakeholder demanding it owns more than 10 per cent of the company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations. 

    The investors moved to have six nominees appointed to the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepali, and Gaurav Mehta as independent directors of the board for a term up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to approval by the ministry of information and broadcasting (I&B).

    Zeel refused to conduct the EGM citing ‘shareholders interest,’ and moved to Bombay high court on 2 October seeking to declare the requisition notice as ‘illegal and invalid.’

  • Invesco offered a merger proposal with a ‘large Indian group’ in Feb, says Zeel MD Punit Goenka

    Invesco offered a merger proposal with a ‘large Indian group’ in Feb, says Zeel MD Punit Goenka

    New Delhi: In a major development, Zee Entertainment Enterprises Ltd (Zeel) MD Punit Goenka has informed the Company Board that Invesco representatives had covertly offered a merger proposal to him with a “large Indian group” in February, early this year.

    The “deal” involving the merger of the Company and certain entities owned by a large Indian group (Strategic Group) was presented by Invesco’s representatives Aroon Balani and Bhavtosh Vajpayee, the Zeel MD told the Board in a note. According to the deal, upon completion of the merger, the Strategic Group would have held a majority stake in the merged entity and Goenka would have been appointed as the MD & CEO. Through several correspondents, Invesco even “acknowledged Goenka’s reputation, experience, and capabilities as a professional and insisted that he would be paramount in leading the operations and business of the merged entity,” wrote Goenka.

    The Zeel MD also told the Board that as per the deal, the merging entities of the Strategic Group were over-valued, and it would have resulted in a loss to the stakeholders of the Company. “If the proposed deal would have been approved, the shareholders of the Company would have suffered a loss of at least Rs 10,000 crore,” claimed Goenka.

    But, when he expressed his apprehensions regarding the deal, “Invesco told him that they had already finalised the key commercial terms of the merger with the Strategic Group and there was no room to negotiate or even diligence the entities to be merged or the valuations of those entities,” he wrote. “In fact, I was asked to ensure that the Company consummates the deal within a period of just five days!”

    The promoter group of the Company was being offered 3.99 per cent shareholding of the Merged Entity, and Goenka was further offered employee stock options (ESOPs) (with no vesting conditions), representing approx. four per cent of the shareholding of the Merged Entity. Accordingly, the existing promoter group of the Company along with Goenka would have held up to eight per cent in the Merged Entity.

    Goenka maintained that the latest turn of events, confirms that Invesco is blatantly trying to take de-facto control of the Company without adhering to any take over regulations.

    The letter comes in the backdrop of the intense board room tussle that the Company has been facing, with the two investors- Invesco Developing Markets Fund and OFI Global China Fund LLC Invesco who together hold an 18 per cent stake demanding an extraordinary general meeting (EGM) to remove Goenka as MD. However, the latest move by Goenka has raised further questions over the motives behind the investors’ persistent calls for an EGM.

    Last week, Invesco wrote a biting Open letter stating how they have been in talks with Zeel’s management for over two years, regarding the “repeated governance failures” and “underperformance” of the Company. The letter signed by Invesco’s chief investment officer Justin M. Leverenz even termed the Sony-Zeel merger as a “camouflage to distract from the primary issue before the company.”

    Goenka highlighted that Invesco’s stance in their Open Letter sent on 11 October that they “will oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders,” runs contrary to the very deal Invesco was proposing itself a few months ago. Accordingly, public securities markets have been misinformed by Invesco, he maintained.

    The Company Board discussed Goenka’s letter on Tuesday, and concluded, that “Invesco’s actions over the past few weeks, have been motivated by circumstances that are extraneous to the Company’s business or performance, or issues of corporate governance or the public interest.” The Board added that it will separately respond to certain unjustified comments made in the Open Letter.

  • Zeel must get ‘reasonable time’ to reply to investors plea: NCLAT passes order

    Zeel must get ‘reasonable time’ to reply to investors plea: NCLAT passes order

    New Delhi: Zee Entertainment Enterprises Ltd (Zeel) should be given a “reasonable and sufficient opportunity” time to respond to the investors’ plea filed before the National Company Law Tribunal (NCLT), said the National Company Law Appellate Tribunal (NCLAT) on Thursday.

    Zeel had approached the Appellate authority, challenging NCLT’s order which asked the Company to submit its reply to the investors’ demand for calling an extraordinary general meeting (EGM) by Thursday, when its next hearing was scheduled.

    The appellate tribunal stated that NCLT had made an “error” by not granting Zeel “reasonable and sufficient time for filing a reply…. This was a complete violation of NCLT Rules and Principles of Natural Justice,” said the two-member bench of the NCLAT and asked NCLT to proceed after hearing both parties. “We are of the opinion that reasonable and sufficient opportunity should be given to the appellants for filing a reply.”

    The Appellate Tribunal also mentioned that “Section 98 of the Companies Act does not prescribe any limit and limitation on the learned NCLT to pass order within that time limit.” However, it did not mention the amount of time that should be granted to the media conglomerate. 

    Meanwhile, NCLT had deferred the hearing of the Zeel-Invesco case to Friday, citing the plea pending before the NCLAT.

    Zeel spokesperson said that the company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders.  

    Zeel’s top two investors Invesco Developing Markets Fund and OFI Global China Fund LLC who together hold an 18 per cent stake had sent a requisition notice to Zeel on 11 September to call an EGM and discuss the removal of MD Punit Goenka. When Zeel did not announce the date of the EGM even after two weeks, the investors moved NCLT, citing provisions of the Company Law, according to which the Company is bound to call an EGM within a specific number of days, if the stakeholder demanding it owns more than 10 per cent stake in the Company.

    The investors had also sought the removal of long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani have already submitted their resignations.

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    Last week, Zeel Board refused to conduct the extraordinary general meeting (EGM) citing ‘shareholders interest’, and moved the Bombay high court seeking to declare the requisition notice as “illegal and invalid”.

  • Clandestine attempt to take over Zeel, says Subhash Chandra on Invesco’s notice

    Clandestine attempt to take over Zeel, says Subhash Chandra on Invesco’s notice

    New Delhi: As the boardroom tussle between Zee Entertainment Enterprises Ltd (Zeel) and its investors rages on, Essel group chairman Subhash Chandra who founded Zee TV said the latest move by its US-based investors is a “clandestine attempt to take over the Company”.

    “They (Invesco) has taken a hideous route to oust the current leadership. It is nothing, but an attempt to take over the Company in an illegal manner. This is not permitted under any of our (Indians) laws. They need to come clean on their exact motives. They need to be transparent, which they are not,” said Chandra on Wednesday, during an interview aired on Zee News.

    Chandra founded Zee TV in 1992 and reminisced the journey that the media and entertainment network has traversed over the last three decades. “In those days, our role was mainly that of a public broadcaster, creating awareness, and then slowly we evolved and provided family entertainment to masses. Today, the Zee channels are watched by crores of Indians, who consider Zeel as part of their family. It is not just any other business,” said the media veteran.

    Talking about the calls for removal of the Company’s MD and CEO Punit Goenka, Chandra said the Board and shareholders had placed their trust in him, and announced him as the MD, and any decision on the leadership rests with them. “Zeel is not owned by any one individual or investor,” emphasised Chandra. “It is owned by over 2.5 lakh shareholders who are part of its family. They are the real owners. The Board is also independent.”

    Zeel has been battling a boardroom crisis ever since, its two investors – the US-based Invesco Developing Markets Fund and OFI Global China Fund IIC who together hold an 18 per cent stake in the media company called for the removal of MD and CEO Punit Goenka. The investors had sent a requisition notice to the Board on 11 September demanding an extraordinary general meeting (EGM).

    They had also sought the removal of long-standing directors and close associates of the Chandra family from the Board, including two independent directors Ashok Kurien and Manish Chokhani, and suggested a few names of their own. Both had submitted their resignations a day prior. Meanwhile, the new appointments are yet to be approved by the ministry of information and broadcasting (I&B).

    “Such tactics (of Invesco) must draw the attention of the government and Securities Exchange Board of India (SEBI) who should consider taking action against them,” said the Zee TV founder, highlighting that Invesco has not been transparent about their future course of action, especially after their proposed removal of Goenka as MD. “No ship can sail out in the sea without a captain, and no Company can function even a day without a sitting MD.”

    While Invesco remains adamant on the EGM, Zeel too is defending the company with equal vigour. On Wednesday, the company moved the National Company Law Appellate Tribunal (NCLAT) against the order passed by National Company Law Tribunal (NCLT) to submit its reply to the investors’ demand for an EGM. The media and entertainment company has also moved the Bombay high court seeking to declare the requisition as “illegal and invalid.”

    “The Board is independent, and it has taken the decision based on the counsel of their senior legal experts. If Invesco wants to take over the Company through such hideous routes, then, the Company will not let that happen,” he summed up.

  • Zeel-Invesco Tussle: After Bombay HC, Zeel now approaches NCLAT

    Zeel-Invesco Tussle: After Bombay HC, Zeel now approaches NCLAT

    New Delhi: Media and entertainment giant Zee Entertainment Enterprises Ltd (Zeel) has now approached the National Company Law Appellate Tribunal (NCLAT) against the order passed by National Company Law Tribunal (NCLT) on Tuesday. The Tribunal had asked the Company to submit its response to the investors demand for calling an extraordinary general meeting (EGM).

    “The Company has moved to National Company Law Appellate Tribunal (NCLAT) in accordance with the due process available under the law,” said ZEEL spokesperson.  The next hearing in the NCLT is on Thursday.

    The development comes few days after Zeel filed a petition in the Bombay high court seeking to declare the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC as “invalid”. “The Company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders,” the statement added.

    The Zeel boardroom tussle began on 11 September, when the Company’s top two investors- Invesco and OFI Global China Fund IIC which together hold an 18 per cent stake in the media company sent it a requisition notice calling for an EGM of the shareholders. The investors have sought the removal of Zeel’s sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior. Meanwhile, the

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    However, Zeel refused to conduct the extraordinary general meeting (EGM), stating that the requisition notice was “illegal and invalid”. The Company further maintained that it will continue to take all the actions needed in the interest of the shareholders as per law. “The Board has arrived at this decision by referring to various non-compliances under multiple laws, including the Securities and Exchange Board of India guidelines, ministry of information and broadcasting guidelines, and key clauses under the Companies Act, and Competition Act, and after taking into account the interest of all the stakeholders of the company,” Zeel had said in a statement.

    Meanwhile, on September 22, ZEEL also announced its proposed merger with Sony Pictures Networks India (SPNI) which will create the country’s largest media company. The merged entity, in which SPNI’s parent company SPNI would infuse $1.575 billion, will be a public listed company in India. Punit Goenka was announced as the CEO and managing director of the new entity, with the promoter family being free to increase its holding from four per cent to 20 per cent over time. 

  • Zeel-Invesco Tussle: NCLT seeks Zeel’s reply, next hearing on 7 Oct

    Zeel-Invesco Tussle: NCLT seeks Zeel’s reply, next hearing on 7 Oct

    New Delhi: The National Company Law Tribunal (NCLT) has asked Zee Entertainment Enterprises Ltd (Zeel) to file its reply to the petition filed by its investors –  Invesco Developing Markets Fund and OFI Global China Fund IIC and posted the matter for the next hearing on Thursday.

    One of its top investors–Invesco and OFI Global China Fund IIC had approached NCLT last week, after Zeel did not announce the date of an extraordinary general meeting (EGM) as sought by them through a requisition notice sent on 11 September. According to Invesco, the Company is mandated to honour the request of EGM if so demanded by shareholders who own more than 10 per cent of the stake in the Company.

    However, Zeel has not only expressed inability to convene the EGM, but it has also moved the Bombay high court against Invesco’s requisition notice, seeking to declare it “invalid”.

    “As per the decision taken by the Board of the Company, which was communicated on October 1, 2021, and as per their guidance, the Company has already moved to the Bombay high court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid,” said the Zeel spokesperson. The Company further maintained that “it will continue to take all the necessary steps that are in the best interest of all its shareholders and as per the applicable law.”

    The investors had called for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The special notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B). Last week, it informed the exchange filing that it will not convene the EGM, as the notice is “invalid and illegal.”

  • Zeel-Invesco Tussle: Mandatory for Zeel to call an EGM, Invesco tells NCLT

    Zeel-Invesco Tussle: Mandatory for Zeel to call an EGM, Invesco tells NCLT

    New Delhi: The Boardroom tussle between Zee Entertainment Enterprises Ltd (Zeel) and its top investor Invesco Developing Markets Fund shows no signs of slowing down. On Monday, Invesco argued its case before the National Company Law Tribunal (NCLT) urging the media and entertainment company to schedule an extraordinary general meeting (EGM) as per law.

    Under relevant sections of the Companies Act, it is a mandatory duty of Zeel to honour the request of EGM if so demanded by shareholders who own more than 10 per cent of stake in the Company, said senior advocate Mukul Rohtagi appearing on behalf of Invesco. “The EGM should be called within 21 days,” he emphasised, as reported by moneycontrol.com

    Rohtagi urged the Tribunal to direct Zeel to convene the EGM under the chairmanship of a retired Supreme Court/high court judge, highlighting that it is not concerned about the outcome of the EGM, but about the EGM being called. “It is for the shareholders to decide on the requisition and not them (ZEE) or anybody else,” he told NCLT.

    Last week, Zeel had convened its inability to convene the meeting to the investors. “The Board comprising of experienced professionals deliberated and discussed various legal and statutory implications of the requisition notice. It also sought the opinions of independent counsel, legal experts including retired SC judges, and evaluated the matter in a fair and transparent manner,” Zeel had said in a statement. The Company has now moved the Bombay high court, seeking court’s intervention in declaring the requisition notice as “illegal and invalid”.

    Invesco and OFI Global China Fund IIC together hold an 18 per cent stake in the media company. The investors had sent a special notice to Zeel on 11 September calling for an EGM of the shareholders seeking removal of its sitting MD Punit Goenka, and long-standing directors and close associates of the Chandra family from the Board. The two independent directors Ashok Kurien and Manish Chokhani had submitted their resignations a day prior.

    The investors had also sought the appointment of their own six nominees on the board of Zeel, which included Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, Gaurav Mehta as independent directors on the board for a term of up to five consecutive years. The notice was received by Zeel on 12 September, and it informed the stock exchanges on 13 September, adding that the appointments are subject to the approval of the ministry of information and broadcasting (I&B).

    The matter is now listed for hearing on Tuesday.

  • Zeel completes 29 years; the best is yet to come, says MD Punit Goenka

    Zeel completes 29 years; the best is yet to come, says MD Punit Goenka

    Mumbai: The media and entertainment major – Zee Entertainment Enterprises Ltd (Zeel) has completed 29 years of its foundation on Saturday, as it wades through a boardroom crisis.

    “29 years ago, on this very day, we set pen to paper and laid the foundation of this extraordinary institution, which we called ZEE. Back then, a lot of people thought it was a bold and impossible idea, but the power of passion and perseverance paid off and here we are today, celebrating this glorious milestone,” said managing director and chief executive officer Punit Goenka in a message to his employees. “It has been a journey where we embedded culture of consistent value creation and sustained growth. As we together step into the 30th year of the Company, we stay committed to many more successful years ahead filled with glory, growth, and profitability.”

    Goenka said “the best is yet to come,” as the company now gears up to seal a merger deal with Sony Pictures Network India (SPNI). “The proposed merger with Sony will make us the largest media and entertainment company in the country. With Sony as a partner in our value creation journey, the combined synergies will help us strengthen our capabilities, and create sharper content that enriches the lives of our viewers,” said Goenka.

    The Company is currently embroiled in a boardroom tussle with two of its top investors demanding the removal of MD and CEO Punit Goenka through an extraordinary general meeting (EGM). The demand made through a requisition notice has already been turned down by the Company, which is also exploring legal options against the move.