India and its laws won't let Invesco illegally take over ZEEL: Dr Subhash Chandra

Dr Subhash Chandra, the founder of Zee Entertainment Enterprises Limited (ZEEL), spoke to Zee News Editor-in-Chief Sudhir Chaudhary on the most popular news show DNA on Wednesday about ZEEL and Invesco.

Dr Subhash Chandra, slamming Invesco and the individuals behind it and issuing orders to the investor, stated, "Invesco is trying to take over ZEEL by illegal means. This is very wrong. I don't know if China is trying to do this, but this won't happen at any cost. "

"The government of this country and the laws of this nation will never let the takeover of ZEEL happen by Invesco," Dr Chandra added.

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Dr Subhash Chandra broke down as he described how he devoted his blood and sweat to create a family channel such as Zee TV.

Some media houses have been publishing baseless and hollow reports in the last few days, especially after the mega-merger announcement between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI), to fight a losing battle against ZEEL, and especially against Punit Goenka, who will continue as the Managing Director (MD) and Chief Executive Officer (CEO) of ZEEL.

The following are the most important takeaways from Dr Subhash Chandra's interview with Zee News Editor-in-Chief Sudhir Chaudhary on DNA:

1. Invesco does not own ZEEL; its true owners are its 250000 shareholders, and the group's true owners are its 900 million Indian viewers.
   
2. Zee was launched at a time when there was only Doordarshan in India. So there was a gap to be filled, which ZEE did.
   
3. A channel-like Zee TV can not be created by spending even Rs 10 lakh crore.
   
4. Invesco should behave like a shareholder, not the owner.
   
5. Invesco deals in dollars, we deal in rupees. This is a clear-cut case of company takeover in a clandestine manner, which is not legal.
   
6. Only the Zee network provides content which everyone can watch with their families.
7. I don’t think the takeover will happen.
   
8. If you want to takeover, offer 75% to the shareholders. We will welcome that. But don’t try to do it by illegal means.
   
9. I trust the people of this country will not let Zee down.
   
10. There is definitely someone in India who is backing Invesco. I do not want to make a guess on that.
    
11. We have made mistakes along the way and I have paid for it. But I have welcomed criticism positively.
    
12. It was just meant to be, that’s how Zee happened. People gave Zee meaning. I can not repeat the feat today, even if I wanted to.
    
13. Though Sony is a foreign company, they have offered a good deal. Their intent is good.
    
14. This is a clearcut case of company takeover in a clandestine manner. Invesco's trying to take control of the company by exploiting legal loopholes.