ZEEL-Sony mega-merger: Is Invesco a puppet of Chinese interests?

New DelhiUpdated: Oct 06, 2021, 02:21 PM IST
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ZEEL-SPNI merger Photograph:(Zee News Network)

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Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself came forward on Tuesday to clear the air on Invesco, ZEEL and Punit Goenka

Mega-merger of ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) has created a media behemoth that is sure to redefine entertainment in India. However, soon after the mega-deal, investment firm Invesco appears to have started acting at someone's behest. The shockwaves of the mega-merger have been felt even in China.

Some mediahouses are also publishing baseless and hollow reports to make a vain attempt at battling ZEEL and its Chief Executive Officer Punit Goenka. 

Invesco's moves in past few days have raised questions about whether it is a puppet of China acting against ZEEL-Sony mega-merger.

Some media reports are falsely citing Invesco's version to take on ZEEL MD & CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD & CEO Punit Goenka. 

On Tuesday, the reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself came forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra has now left no room for any confusion and will leave publishers of false and baseless reports red-faced.

Watch | ZEEL-Sony merger: Dr Subhash Chandra questions Invesco's 'real intent'

"No matter who runs ZEEL but the company, to which I've and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don't have any profit or loss associated with this," said Dr Subhash Chandra.

Vested interests of someone

"I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom," Dr Chandra added.

Dr Subhash Chandra's questions to Invesco

"Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?" asked Dr Chandra.

"You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal," Dr Chandra said posing some really tough questions to Invesco.

Questions to regulators

On regulators, Dr Chandra said, "The first and prime responsibility of the regulators is to protect the interest minority shareholders. So, they should ask Invesco that it should come out transparently. And, regulators should make sure that minority shareholders have both the things in hand to decide whether to vote for Invesco or Sony's deal with ZEEL."