The war of words between Zee Entertainment and its largest shareholder Invesco continues. Now ZEE MD and CEO Puneet Goenka has given his stand on a note share proposal made by American fund Invesco in February. Goenka said that the main reason for placing the talks with Invesco before the board of directors of ZEE was to bring out the truth, which is in the interest of ZEE shareholders.
In his note issued on Thursday, he said, “In my presentation before the board, I emphasized the point of the proposal moved by Invesco. My focus was on the disparity in valuations and it was not in the interest of the shareholders of ZEE.” My only reason for not agreeing to this proposal was because it was compromising on the value of the shareholders.”
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Acknowledging Invesco’s stand, Goenka said that the letters associated with such proposals are always very well written, but they mean the exact opposite.
Goenka questioned, “I also have a lot of points, but I strongly believe that there is a right time and place to raise these points. Our lawyers will take necessary action in the court in a legal manner. Though personally, my There are also some questions. Why didn’t Invesco make its plan public earlier? Does good corporate governance rule only apply to corporates and not their institutional investors?”
Let us tell you that ZEE had earlier said on October 12 that Invesco had given them an offer in February 2021, in which the company was asked to merge with a large Indian conglomerate. ZEE claimed that Goenka turned down the offer as the merger companies of that large conglomerate were overvalued.
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On the other hand, Invesco hit back and questioned why it would bring such a proposal for ZEE which undermines the long-term interests of common shareholders. Especially since Invesco owns 17.88 per cent stake in ZEE and is the largest shareholder of ZEE.
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