New Delhi: The Zee Entertainment Enterprises Limited (ZEEL) has received a massive support from India’s Sadhu Samaj and several other religious, social organisations amid reports of Invesco’s takeover bid. The religious groups have expressed serious reservations over the issue and also displayed solidarity with ZEEL Founder Dr Subhash Chandra.
The Sadhu Samaj clearly stated that the control of the company should remain with founder Subhash Chandra and his family, who have taken care of the numerous television channels for over two decades.
The religious body has released a statement where it appealed the government, the concerned regulatory institutions such as NCLT and NCLAT, Invesco, the media company behind this indirect bid, Subhash Chandra’s family, and the Zee shareholders to sit down and find an amicable solution to this issue.
— Zee News (@ZeeNews) October 12, 2021
It further added that the same Zee management, which has faith of crores of viewers, should be allowed to continue as it would be in the interest of everyone.“If this does not happen, we all will appeal in the court of the Almighty, and pray for the proper judgment,” the group said in a statement.
The group alleged that Invesco seems to be working in a non-transparent manner and it is unclear in whose hands the management will go if they are successful in their bid.
Thanking Sadhu Samaj for their massive support, Zee Entertainment Enterprises Limited (ZEEL) Founder Subhash Chandra released a video massage and said, “The Sadhu Samaj has sent me a letter, I would request every media organisation to publish this letter so that people would know what general mass wants.”
ZEEL Founder Subhash Chandra Speaks On ZEEL-SONY Merger & Invesco’s Nefarious Motives
The founder of Zee Entertainment Enterprises Limited (ZEEL), Dr Subhash Chandra last week spoke to Zee News Editor-in-Chief Sudhir Chaudhary on the most popular news programme DNA on the matter of ZEEL and Invesco.
Dr Subhash Chandra, while speaking about Invesco’s nefarious agenda, asserted that 2.5 lakh shareholders and 90 crore viewers are the real owners of the company, not Invesco. Hitting out at the ‘China-backed’ investor, Dr Chandra said that they (Invesco) are trying to take control of the company by exploiting legal loopholes.
“This is a clearcut case of company takeover in a clandestine manner, which is not legal. You (Invesco) are 18% shareholder, but not the owner,” Dr Chandra said. Furthermore, he asked the Securities and Exchange Board of India (SEBI) to take cognisance of the matter.
Dr Chandra also broke into tears while recalling the journey of Zee TV. “It was destiny. It was just meant to be. And that’s how Zee happened. People gave Zee meaning. I could not repeat the feat today, even if I want to. Several mistakes were made along the way and we have paid for it. I was even shown black badges, offered a garland of shoes.
But I have welcomed them all positively”, he said, dismissing all the allegations that several media houses have been publishing since the mega-merger of the ZEEL-Sony Pictures.
The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) present and voting in its board meeting held on 21st September 2021, unanimously provided in-principle approval for the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board had concluded that the merger will be in the best interest of all the shareholders and stakeholders.
Get real time update about this post directly on your device, subscribe now.