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Punit Goenka questions Invesco's silence on merger proposal with Reliance
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SME Times News Bureau | 14 Oct, 2021
In the ongoing Zee-Invesco tussle, the company's Managing Director and
CEO Punit Goenka has now broken his silence charging the company's
largest shareholder with hiding facts that prevented it from bringing
facts about a merger proposal earlier.
"...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?" Goenka asked in a statement issued by
his office.
The statement talks about a merger proposal brought
forward by Invesco in February involving Reliance Industries, which was
rejected by him as it would have resulted in loss of shareholder value
to the tune of Rs 10,000 crore.
"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," Goenka said in his statement.
"I will
withstand any amount of pressure to preserve ZEE's intrinsic value and
ensure that nothing impacts the returns being delivered to all the
shareholders," he added.
Goenka said silence may be the best
answer at times, but he quickly realised that in certain situations it
is better to break it at the right time, so that truth comes to the
fore.
"The key reason for me 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 our stakeholders," he
said indicating that the questions he has raised and those by Invesco
would be best answered by the judiciary.
"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. Our lawyers will do the
needful in the court of law, as deemed necessary, he said.
"My
demeanour is not to indulge in an ill-natured fight. Such battles are
best handled by legal experts. All I am contending for, is to preserve
the future of this Company, and not my position. This fight is to ensure
that the Company continues to gain immense growth opportunities and
become a stronger and more formidable player in the Media &
Entertainment sector," Goenka's statement said.
"We should not
let anyone impact the future of ZEE or diminish the shareholder value it
has been consistently generating over the years," he added, hoping that
this may be his first and last communication on this matter, so that
focus is brought back on the value-creation journey at ZEE.
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