Asking Zee Entertainment employees to focus on the merger with Sony, its CEO and MD Punit Goenka told them that his problems should never be those of the company’s, referring to the SEBI order barring him from holding key managerial positions in any listed company.
“The problems or difficulties that I might be facing at a promoter family level, are for me to deal with; and which I am. Those, should never be the problems of the Company. For all of us, starting with me, the Company and its esteemed Shareholders; have been and should always be, the top most priority,” he said in an email to Zee employees.
His email comes as Zee is set to merge with Culver Max Entertainment (earlier known as Sony Pictures Networks India).
“The proposed merger with Sony, has reached at a very important juncture. The Mumbai Bench of the Hon’ble National Company Law Tribunal (NCLT) has reserved its order pertaining to the approval, in the final stage of the hearing conducted on 10th July 2023. As you all must have also noted, the merger has already been cleared by the Competition Commission of India (CCI), Bombay Stock Exchange (BSE),
National Stock Exchange (NSE) and most above, by the esteemed shareholders of our Company,” he said in the letter.
On the SEBI orders barring him from holding managerial post, Goenka said, with the help of the legal experts, he is exercising his legal rights to seek justice.
“The Hon’ble Securities Appellate Tribunal (SAT) has given a hearing to the matter and has passed an order on 10th July 2023, setting a framework to this process. In line with the order and in accordance to the law, I am taking the next steps. There is nothing more to it.”
Zee on Monday (July 17) constituted
an Interim Committee of senior executives to manage the company. Goenka said this committee will be “under the supervision of the Board and will seek its guidance on all matters pertaining to the Company”.
He stressed that it was necessary to focus on and “be excited about” the Company’s merger with “the most prestigious global media and entertainment brand – Sony”. "This merger is in the interest of all stakeholders of the Company, including each one of you."
“The completion of the same has been my top priority. Today, as we have reached at a very advanced stage of the merger completion process, I seek your commitment and promise; that no matter what, you will remain focused towards your roles and responsibilities in this Company. If there is anything that should ever bother you, it should be an unfinished task that is in the interest of the Company.”
“Please do not let any tinge of negativity, distract you from the set goals for this Company,” Goenka said.
“To me, ZEE is no different than my 3 beautiful children back home. As a proud parent of this beautiful institution, I write to all of you, not as my team members; but as the true leaders of ZEE!” he said, concluding the letter.
(Edited by : Shoma Bhattacharjee)
First Published: Jul 17, 2023 8:59 PM IST
