ZEEL MD Punit Goenka sent a letter to the employees on Monday, providing an update on the merger between ZEE Entertainment and Sony. He reassured them that the merger is in its final stages and addressed the issues faced by the promoters with Sebi.
In the letter, Goenka emphasized the importance of focusing on the future of the company rather than his personal situation. He highlighted the exciting prospect of merging with Sony, one of the most prestigious global media and entertainment brands.
As a colleague and team member, Goenka humbly requested the employees to remain positive and not let any negativity distract them from the company’s goals.
He informed the employees that an interim committee of senior executives has been formed to ensure smooth operations and day-to-day functioning of ZEEL. This committee will work under the supervision of the company’s board and seek guidance on all matters related to the company.
Regarding the proposed merger with Sony, Goenka mentioned that it has reached a critical stage, although the Mumbai Bench of the National Company Law Tribunal is yet to approve it. He assured the employees that the merger has already received clearance from the Competition Commission of India, Bombay Stock Exchange, National Stock Exchange, and the company’s shareholders.
Goenka made it clear that the challenges he is facing at the promoter family level are his own and should not affect the company. He assured the employees that he is taking the necessary steps within the legal framework and urged them to remain focused on their work.
He reiterated that the merger with Sony is in the best interest of all stakeholders and emphasized that its completion is his top priority.
The ZEEL board formed an interim committee on July 14 to manage the day-to-day operations of the company. This decision was made in response to the interim order issued by the Securities and Exchange Board of India (SEBI) and the subsequent judgment by the Securities Appellate Tribunal (SAT), which restrict Punit Goenka from holding a director or key managerial position in a listed company.
The board expressed its confidence in Goenka’s leadership skills and stated that it will closely monitor the progress of the matter. They also believe that the company will continue to deliver robust growth and create value for shareholders.
On June 12, market regulator Sebi took action against Subhash Chandra and Punit Goenka, alleging the misappropriation of funds from ZEEL. The order was challenged at SAT by Chandra and Goenka.
Sebi’s interim order highlighted that Chandra and Goenka diverted the assets of ZEEL and other listed companies of the Essel Group for the benefit of associate entities owned and controlled by them.
In 2021, ZEEL announced its merger with Culver Max Entertainment, previously known as Sony Pictures Networks India.
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
