Will withstand any amount of pressure to preserve ZEE’s intrinsic value: Punit Goenka
Amid calls for his removal from the Zee Entertainment Enterprises Ltd (ZEEL) Board, Punit Goenka has broken his silence. In an official statement, while acknowledging that Invesco has been an extremely strong support to the Company, for the most part, Goenka also said, “It pains me to see this relationship going sour today and the unfortunate circumstances that we are all facing,” and added, “the way the current situation is unfolding is what disappoints me”.
“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,” Goenka maintained.
He further said, “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.”
Goenka said that while during his brieﬁng to the Board, he emphasised on the points pertaining to the proposal from Invesco, on a personal note he wante to know why Invesco didn’t make its plans public earlier. “Does good corporate governance only apply to corporates and not their institutional investors?” he asked.
He reposed complete faith in the Indian judicial and regulatory system and added that ZEE’s lawyers will do the needful in the court of law, as deemed necessary.
Goenka insisted that in this situation, it is not about one versus the other. “The shareholders and management of a Company are two sides of the same 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 affirmed.
He maintained that, “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.”
“Under the guidance of the Board and in line with the advice sought from our legal counsel, I will continue to take the required steps to safeguard ZEE and its future,” Goenka concluded.