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Pains to see the relationship with Invesco Going Sour;  Wants a better future for Zee: Punishes Goenka

Amid the ongoing dispute between Zee Entertainment and Invesco, Punit Goenka released his first official statement on Thursday, saying he would continue to take the necessary steps to protect Zee and his future.

While acknowledging that Invesco has been an “extremely strong support” for the company, he said, it pains him to see this relationship deteriorate.

“All I want is a brighter future for ZEE, a future filled with higher returns and shareholder value and immense growth opportunities,” he said.

On Tuesday, Punit Goenka told Zee’s board of directors that Invesco had approached him in February with a proposed merger with “a large Indian group”, without mentioning RIL, adding that he had rejected the deal because it would result in a loss for the shareholders of Zee.

Meanwhile, Reliance Industries said on Wednesday that it regrets being drawn into the ongoing dispute between Zee Entertainment and Invesco, and that media reports around its offer for Zee were inaccurate.

“We had made a broad proposal to merge our media properties with Zee to fair valuations of Zee and all of our properties. The valuations of Zee and our properties have been established on the basis of the same parameters, ”the RIL statement read, noting that Invesco helped Reliance organize discussions directly between its representatives and Punit Goenka, CEO of Zee.

“However, disputes arose between Mr. Goenka and Invesco regarding a requirement by the founding family to increase its stake by subscribing to preferential warrants. Investors seemed to be of the opinion that the founders could always increase their stake through purchases in the market. At Reliance, we respect all of the founders and have never resorted to hostile transactions. So we did not continue, ”the statement said.

(Edited by : Aditi Gautam)

First publication: STI