ZEE’s MD & CEO Punit Goenka lastly breaks the silence on the continued disagreement between the corporate and one among its traders, Invesco. He mentions having compelled to talk about this challenge, in an official assertion on October 14, given the twist and turns it’s taking.
He begins by acknowledging how Invesco has been a particularly sturdy help to the Company, for probably the most half, and the way these unlucky circumstances upset him at the moment.
“All I want is a better tomorrow for ZEE, one that is filled with higher returns and value for shareholders and immense growth opportunities for the Company and its people. But one is also formed with utmost honesty, transparency and positivity. Unfortunately, the way the current situation is unfolding is what disappoints me,” he pens.
Goenka focuses on preserving the way forward for this Company, and never his place. “This fight is to ensure the Company continues to gain immense growth opportunities and become a stronger and more formidable player in the Media & Entertainment sector.”
He then goes on to current the collection of communications exchanged with Invesco to the Board of Directors of ZEE. During his briefing to the Board, he claims to have emphasised the factors 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 that the shareholder value was getting compromised. 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 goes on so as to add, “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.”
Goenka then delves into the various questions he would love Invesco to answer- Why didn’t Invesco make its plans public earlier? Does good company governance solely apply to corporates and never their institutional traders?
Goenka believes that this example just isn’t about one versus the opposite. Rather, the shareholders and administration of a Company are two sides of the identical coin. “It is all about increasing the value of that coin together, for the betterment of all the shareholders and the Company at large,” he sums.