New Delhi. The name of Reliance Industries is being dragged into the ongoing dispute between the debt-ridden broadcasting company Zee Entertainment Enterprises Limited and its largest shareholder Invesco (ZEEL-Invesco Dispute). On this, RIL has clearly said that the media reports adding its name in this dispute are not correct. Let us tell you that Invesco has been continuously demanding the removal of Zee Entertainment Managing Director Puneet Goenka (MD Punit Goenka).
Invesco helped RIL representatives in negotiations
Reliance Industries has said that it regrets being dragged into the ongoing dispute between Zee Group and Invesco. The media reports related to this are not correct. The company said that in February-March 2021, Invesco facilitated talks between Reliance representatives and Zee Group MD Puneet Goenka. We had proposed to merge our media properties with Zee Group at a reasonable cost. Due to this, the merger business and the benefit of all the shareholders of Zee Group were kept in mind. Reliance always rewards the company in which it invests for its good performance.
Reliance offered Goenka to continue as MD
RIL has clarified that Puneet Goenka was offered to continue working as MD. Along with this, a proposal was also made to issue e-SOPs (ESOPs) to the management including Puneet Goenka. However, there was a dispute between Puneet Goenka and Invesco over some preferential warrants. Investors feel that the founders can continue to increase their stake through market purchases. We respect all the founders and never deal with any vendetta. So we didn’t go ahead with the deal.
Invesco said Zee Group’s allegations are baseless
Zee Group had issued a letter claiming that Invesco had tried to pressure its MD Puneet Goenka to enter into deals with a large group of companies in the country. Subsequently, Invesco claimed that Puneet Goenka and members of the promoter family had tried to strike a deal with Reliance. Let us inform that Invesco holds 17.88 percent stake in Zee Group. Invesco has also said that Zee Group’s allegations are baseless. Its purpose is to delay the EGM. Invesco claimed that in the last two years, it has made several efforts to bring Zee Group back on track. Sony and Reliance showed interest in the company, which shows the value of the company.
(Disclaimer- Network18 and TV18 companies operate the channel/website which is controlled by Independent Media Trust of which Reliance Industries is the sole beneficiary.)
Read Hindi News Online Watch More Live TV News18 on Hindi website. Know related to country and abroad and your state, Bollywood, sports world, business News in Hindi.