#DeshKaZee: ZEEL-Invesco matter - Zee Entertainment moves NCLAT

In a major development in ZEEL-Invesco matter, Zee Entertainment Enterprises Limited (ZEEL) has moved to National Company Law Appellate Tribunal (NCLAT).

Informing about the company's move, ZEEL Spokesperson said, "The Company has moved to National Company Law Appellate Tribunal (NCLAT) in accordance with the due process available under the law."

Further, elaborating on the development, ZEEL Spokesperson statement said, "The Company has also filed a suit in Bombay High Court to declare that the requisition notice sent by Invesco Developing Markets Fund and OFI Global China Fund LLC is invalid."

"The Company continues to have full faith in the Indian judicial system and will take all the necessary steps that are in the best interests of all its shareholders," the statement concluded.

On September 22, ZEEL and Sony Pictures Networks India (SPNI) had announced their mergers, which will create the country's largest media company.

The merged entity, in which SPNI's parent company Sony Pictures Entertainment would infuse USD 1.575 billion, will be a public listed company in India. 

Earlier, some media reports had falsely cited Invesco's version to take on ZEEL MD & CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD & CEO Punit Goenka. 

On Tuesday, the reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself has come forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited has now left no room for any confusion and will leave publishers of false and baseless reports red-faced.

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'Blood and sweat to ZEEL'

Commenting on the entire matter, Dr Subhash Chandra, said, "No matter who runs ZEEL but the company, to which I've and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don't have any profit or loss associated with this."

Questions to the vested interests of someone

Also, taking on the media reports, Dr Chandra added, "I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom."

Questions to Invesco

Stating about the Invesco, Dr Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?"

"You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal, "Dr Chandra said posing some really tough questions to Invesco.

Questions to regulators

On the regulators, Dr Chandra said, "The first and prime responsibility of the regulators is to protect the interest minority shareholders. So, they should ask Invesco that it should come out transparently. And, regulators should make sure that minority shareholders have both the things in hand to decide whether to vote for Invesco or Sony's deal with ZEEL."