Mumbai: Zee Entertainment MD Punit Goenka has accused that the company’s largest invesco invesco steps to delete it from the council is to “teach me a lesson” because it rejects the proposal of the merger with the media arm of a large Indian conglomerate.
In Affidavit 25 pages submitted with the National Law Tribunal Law (NCLT), Goenka said the invesco step for the boat reshuffle was “calculated”, with the intention of “controlling the company”, “disrupting existing management” and “sabotage” and “proposed merger with Sony Pictures “.
In addition to the elimination of Goenka, Investco has been looking for induction of several independent directors at the Zee Council.
Goenka did not mention Indian conglomerates in a written statement but Investco previously revealed that he had facilitated talks between ZEE MD and Reliance Industries.
Goenka said he rejected the Investco Merger’s proposal because it would lead to a big loss for Zee shareholders in the absence of an assessment report.
Goenka revealed that during his call with Indian conglomerate representatives, he was told that if he was looking for information about the assessment, they would not be interested in the merger.
“In short, I was told that because no money came out of my pocket and my position (like MD in the proposed entity) was being secured, I should not ask questions and must focus on the agreement made.” MD further said that he was told that if he did not want to move forward, then Investco would take steps to ensure the agreement must be perfected without him.
NCLT will hear the problem on October 26.
Rebacking Merger Plan Irked Investco: Zee MD
