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New Delhi, Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>) is seeking rapprochement with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword> Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, "Since the matter is subjudice we have no comments to offer." Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. "The ball is in Sony's court. They need to respond if the deal has to be revived," the source said. The development comes amidst the two parties filing cases against each other after the deal collapsed. Sony had initiated arbitration proceedings before The Singapore Arbitration Center (SIAC) claiming USD 90 million (around Rs 748.5 cr) as a termination fee. On the other hand, ZEEL filed a petition before the Mumbai bench of the National Company Law Tribunal (NCLT), seeking a direction to Sony Group to implement the merger scheme. SIAC also denied Sony Group's plea seeking interim relief against ZEEL to restrain it from moving NCLT to enforce the failed merger of its subsidiary Culver Max with the Indian media house. ZEEL also initiated appropriate legal actions to contest the claims of USD 90 million filed by Sony Group before SIAC. More than two years after announcing their proposed merger, Sony on January 22 announced the termination of the deal while accusing ZEEL of not meeting closing conditions even after extending their closing period by a month. ZEEL has maintained that it was willing to meet most of the conditions. Sources said during the one-month extension of the negotiation period, ZEEL had proposed an extension of a further six months for closing the transaction, even offering to discuss any other alternate closing timeline that Sony believed would be reasonable and achievable. ZEEL had also offered that its MD and CEO Punit <keyword id="19897741" type="General" weightage="20" keywordseo="goenka" source="keywords">Goenka</keyword> would not lead the merged entity as per the condition. Earlier, the market watchdog SEBI had barred Essel Group chairman <keyword id="20115911" type="General" weightage="20" keywordseo="subhash-chandra" source="keywords">Subhash Chandra</keyword> and Goenka from holding the position of a director in any listed company. The market regulator took the action after they were allegedly found diverting funds from the company. However, this order was quashed by the Securities Appellate Tribunal (SAT). But the investigations against Goenka by SEBI (Securities and Exchange Board of India) are still pending. Last week, Sony's top management in its December quarter earnings said it will seek various options, including finding another opportunity to replace the plan and organic growth opportunities in India, which has great potential in the long term. "India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," said <keyword id="20660368" type="General" weightage="20" keywordseo="hiroki-totoki" source="keywords">Hiroki Totoki</keyword>, president, COO &amp; CFO of Sony when asked about the company's strategy in India after the termination of the proposed merger. While, Goenka in the first earning call of the company last week, after the deal to merge with Sony collapsed, said ZEEL is focusing on a three-pronged approach -- frugality, optimisation and sharp focus on quality content. The company aspires for an 8 to 10 per cent CAGR revenue growth, with digital business growing at a much faster pace, he said. ZEEL, in the financial statement of the December quarter also informed it spent nearly Rs 427 crore on the merger process. Overall Rs 250.73 crore were spent on the merger in the nine months of FY24. It had spent Rs 176.20 crore in FY23 for the deal, announced in December 2021. If the merger were completed, the combined entity would have owned over 70 TV channels, two video streaming services -- ZEE5 and Sony LIV -- and two film studios -- Zee Studios and Sony Pictures Films India-- making it the largest entertainment network in the country.

Zee Entertainment reaches out to Sony to revive terminated merger

<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

New Delhi, Shares of <keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> Entertainment Enterprises Ltd (ZEEL) tumbled 12 per cent in the mid-session trade on Wednesday amid reports that Sebi has found financial discrepancies in the accounts of the company. The stock of the company nosedived 11.58 per cent to Rs 170.65 apiece on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. ZEEL shares plunged 11.39 per cent to Rs 170.70 per piece on the NSE. In the mid-session trade, the scrip also hit its lower circuit limit on the bourses. The 30-share BSE Sensex benchmark rose 90.17 points or 0.12 per cent to 73,147.57, while Nifty of the NSE rose 40.25 points to 22,237.20. As per the reports, during Sebi's probe into Zee's founders, the regulator discovered that approximately Rs 2,000 crore (equivalent to USD 241 million) may have been diverted from the company. However, the company spokesperson clarified that the reports related to accounting issues are "incorrect and false". The report suggested that the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (Sebi) has been in conversation with senior officials at Zee, including its founders <keyword id="20115911" type="General" weightage="20" keywordseo="subhash-chandra" source="keywords">Subhash Chandra</keyword> and his son Punit Goenka, and some board members to explain their stance. Further, the report noted that the amount found missing is not final and may change after Sebi reviews the responses from the company executives. A ZEEL spokesperson said, "The reports and rumours pertaining to accounting issues in the company are incorrect and false. Pursuant to the Securities Appellate Tribunal (SAT) order, which granted relief to the current Key Managerial Personnel (KMP), the company has been in the process of providing all the comments, information or explanation requested by SEBI, and has extended complete co-operation on all aspects." On Tuesday, shares of ZEEL settled 8 per cent higher amid reports that Zee and Sony Pictures Networks (<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>) are working to salvage their USD 10-billion merger. ZEEL shares have seen a massive downfall after the collapse of its merger with Sony Group Corp's India unit.

Zee Entertainment shares tumble 12%, hit lower circuit limit

<ul><li><keyword id="20068359" type="General" weightage="20" keywordseo="zee-entertainment" source="keywords">Zee Entertainment</keyword> has backed out from a $ 1.4 billion licensing agreement with <keyword id="19976118" type="General" weightage="20" keywordseo="disney-star" source="keywords">Disney Star</keyword> for the TV broadcast right for cricket matches.</li><li>This is reportedly a fallout of collapse of its merger deal with <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>.</li><li>Sony Corporation had on Monday announced the termination of the $ 10 billion merger.</li></ul> Zee Entertainment has backed out from a $ 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of collapse of its merger deal with Sony, according to industry sources. Zee Entertainment Enterprises Ltd (<keyword id="20115912" type="General" weightage="20" keywordseo="zeel" source="keywords">ZEEL</keyword>), which has already missed the first instalment of around $ 200 million, will not move ahead, industry sources told PTI. The instalment to be paid to Disney Star was part of the $ 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development. Sony Corporation had on Monday announced the termination of the $ 10 billion merger agreement with ZEEL, while seeking $ 90 million for breach of conditions besides initiating arbitration. As per the merger agreement between ZEEL and Sony, the Japanese entity was supposed to invest $ 1.575 billion in the merged entity and have a majority stake. There were no immediate comments from ZEEL over the development. Three days after Sony called off the deal, ZEEL MD &amp; CEO <keyword id="20130441" type="General" weightage="20" keywordseo="punit-goenka" source="keywords">Punit Goenka</keyword> addressed a townhall meeting of around 3,000 employees across the globe, in which he asked them to move forward and chase new opportunities. "Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year," he said. On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years. Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said. This was done with the in-principle approval from the International Cricket Council (ICC). Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body. As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said. ZEEL on Wednesday approached the National Company Law Tribunal (NCLT) to get Sony to honour a $ 10 billion merger deal. Sony had resisted the demand by Subhash Chandra's son Punit Goenka, who was investigated by Sebi over fraud allegations, to stay on after the merger. It has also initiated appropriate legal actions to contest the claims of $ 90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC). SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a>

Zee Entertainment backs out from $1.4 bn deal with Disney Star

<ul><li>In the latest round of back and forth between <keyword id="6372205" type="General" weightage="100" keywordseo="zee" source="Orion">Zee</keyword> and its investor <keyword id="365425" type="General" weightage="80" keywordseo="invesco" source="Orion">Invesco</keyword>, the latter has revealed that it had proposed a merger with <keyword id="10926" type="General" weightage="80" keywordseo="reliance" source="Orion">Reliance</keyword>.</li><li>Invesco also hinted that the interest shown by <keyword id="6358540" type="General" weightage="80" keywordseo="sony" source="Orion">Sony</keyword> and Reliance in Zee suggests that the Punit Goenka-led company left money on the table in its merger with Sony.</li><li>Zee’s founder <keyword id="12098586" type="General" weightage="20" keywordseo="subhash-chandra-goenka" source="Orion">Subhash Chandra Goenka</keyword> had earlier expressed doubt about Invesco’s intentions, asking if it had cut a deal with another company.</li></ul>The <keyword id="12221810" type="General" weightage="20" keywordseo="zee-invesco" source="Orion">Zee-Invesco</keyword> brawl continues to intensify, with the investment fund hitting back that it had proposed a strategic merger of Zee with Reliance Industries, which also owns media and entertainment properties. In its latest salvo, Invesco hinted that Zee Entertainment left money on the table in its merger with Sony Pictures Networks, which was <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">announced in September</a>. This response comes after Zee Entertainment’s Managing Director and Chief Executive Officer <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> alleged that Invesco’s deal would have led to a loss of ₹10,000 crore for the shareholders of the company. Invesco also revealed that the Zee-Reliance merger talks involved Punit Goenka, shedding new light on the matter. Update 1: According to media reports, the Bombay High Court has asked Invesco and OFI Global China Fund to file an affidavit by October 20. The next hearing in the Zee-Invesco case is scheduled for October 21. “We wish to make clear that the potential transaction proposed by Reliance (the ‘strategic group’ referenced but not disclosed in the October 12 communication by Zee) was negotiated by and between Reliance and Goenka and others associated with ZEE’s promoter family. The role of Invesco, as ZEE’s single largest shareholder, was to help facilitate that potential transaction and nothing more,” Invesco said in a statement, according to <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/zee-fight-invesco-claims-potential-transaction-was-negotiated-between-reliance-and-punit-goenka/articleshow/86984321.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">The Economic Times</a>. Update 2: Reliance Industries has issued a statement clarifying that Invesco approached it to facilitate discussions with Zee’s Punit Goenka. “We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties,” the company said in a statement, noting that it prefers to continue with the existing management of companies it acquires or merges its properties with. Further, the Reliance statement also reveals that differences arose between Invesco and the Goenka family with regards to the founders - the Goenka family - increasing their stake in Zee via preferential warrants. This, Reliance says, forced it to withdraw from the merger talks. Earlier last week, Zee Entertainment and Essel Group’s founder <keyword id="6442405" type="General" weightage="20" keywordseo="subhash-chandra" source="Orion">Subhash Chandra</keyword> Goenka had cast aspersions on the intentions of Invesco, asking if they had cut a deal with another company. <div type="twitter" handle="ZeeNewsEnglish" handlename="Zee News English" image="http://pbs.twimg.com/profile_images/919586326067912704/_4LsQA6a_normal.jpg" favoritecount="38" retweetcount="9" status="On whose behest is #Invesco acting? Founder, Zee Entertainment Enterprises Limited, Dr Subhash Chandra's (… https://t.co/PRknkVl12K" createdat="1633433475000" id="1445350870556704771"></div> “Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide,” Chandra <a href="https://zeenews.india.com/companies/invesco-acting-on-whose-behest-dr-subhash-chandras-tough-questions-bound-to-make-invesco-uncomfortable-2399989.html">said</a>. In the video, he also revealed that two other media outlets did not want to take him up on his offer for the video linked above, and wondered if they had a vested interest in doing so. It is worth noting that the media outlets mentioned by Subhash Chandra are owned by Reliance Industries. <cmsannotation type="cmsannotation" annotationid="What Sony is getting from the Zee-Sony merger" comment="subhead" text="What Sony is getting from the Zee-Sony merger">What Sony is getting from the <keyword id="12157458" type="General" weightage="20" keywordseo="zee-sony" source="Orion">Zee-Sony</keyword> merger</cmsannotation> According to the specifics of the deal announced by Sony Pictures Networks, it will be the majority shareholder in the merged entity, with a stake of 52.93%, while Zee shareholders will hold a 47.07% stake. Sony Pictures will also infuse $1.6 billion (approx. ₹12,000 crore) in the merged entity to fund its future growth. In contrast, Zee Entertainment revealed that Invesco’s proposal would value the shareholding at ₹21,129 crore, at a price of ₹220 per share. In comparison, at the time of the announcement of Zee-Sony merger, Zee’s shares were trading at ₹337 (September 22), and as of 10:10 a.m. today, at ₹315. At current prices, Zee’s market capitalisation stands at ₹30,314 crore, while the Invesco proposal valued it at ₹21,172 crore, a difference of over ₹9,000 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a> <a href="https://www.businessinsider.in/business/corporates/news/zee-entertainment-merges-with-sony-pictures/articleshow/86416420.cms">Marriage Story! Zee gets a white knight in Sony</a> <a href="https://www.businessinsider.in/stock-market/markets/news/zee-entertainment-falls-nearly-3-in-trade-as-board-refuses-to-hold-egm/articleshow/86678219.cms">Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM</a>

Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger

<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword> will be the MD &amp; CEO of ZEEL for the next five years.</li><li>He was appointed CEO in July 2008 and has been MD of the <keyword id="6354777" type="COMPANY" weightage="20" keywordseo="Media">media</keyword> firm since January 1, 2010.</li><li>The statement also said that approval on the <keyword id="388617" type="PERSON" weightage="20" keywordseo="reappointment">reappointment</keyword> will be sought from shareholders subsequently.</li></ul> In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the Board of Directors of <keyword id="174248" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) has decided to reappoint Punit Goenka, in principle as the Managing Director &amp; CEO of the company, for a further period of 5 years upon conclusion of his current term on December 31,2019. The statement further said that shareholder approval would be sought subsequently. Goenka, the elder son of Essel group promoter and Zee chairman <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> was appointed CEO in July 2008 and has been MD of the media firm since January 1, 2010.

Punit Goenka reappointed as MD and CEO for ZEEL

<ul><li><keyword id="2826400" type="COMPANY" weightage="20" keywordseo="The-Essel-Group">The Essel Group</keyword> is planning to sell 16.5% stake in ZEEL.</li><li>The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered .</li><li>The Group seeks to sell 2.3% stake in ZEEL to <keyword id="8354451" type="UNKNOWN" weightage="20" keywordseo="OFI-Global-China-Fund">OFI Global China Fund</keyword>, LLC and/or its affiliates.</li><li>The Group has taken this step to generate adequate liquidity for the repayment process. </li></ul> The Essel Group is planning to sell 16.5% stake in <keyword id="1417408" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Limited">ZEE Entertainment Enterprises Limited</keyword> (ZEEL) to financial investors. The Group seeks to sell up to 16.5% stake in ZEEL to financial investors, in order to repay loan obligations to certain lenders of the Group for whose benefit such shares are currently encumbered (and who have consented to such share sale by the Group). Out of the aforesaid, the Group seeks to sell 2.3% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates. Pursuant to the aforementioned transactions, the post-transaction overall holdings of the Group in ZEEL will be 5%, out of which encumbered holdings of the Group will reduce to 1.1% of ZEEL. This development reaffirms the Group's positive progress on its overall asset divestment approach, undertaken to generate adequate liquidity for the repayment process. The Group is also working actively on further divestments including its media/ non-media assets and remains confident to complete the same.

The Essel Group to sell 16.5% stake in ZEE Entertainment Enterprises Limited

<ul><li>Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company. </li><li>ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey. </li><li>The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.</li></ul>Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25. The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992. Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore. Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.

Subhash Chandra quits as Chairman of ZEEL

<ul><li><keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> did not just launch the first private television channel in India, he also paved the way for the rise of Hindi television content. </li><li>Subhash Chandra was known for his meteoric rise. After all, he added 59 channels in 25 years to shape his ‘jewel in the crown’.Subhash Chandra was known for his meteoric rise. After all, he added 59 channels in 25 years to shape his ‘jewel in the crown’.</li><li>Troubles started when Chandra decided to enter into infra business and took up endless loans</li><li>Subhash Chandra lost half of his wealth in a year </li></ul>Subhash Chandra did not just launch the first private television channel in India, he also paved the way for the rise of Hindi television content. Back then, their competitor Star TV had continued with its strategy to beam American and British television shows, before shifting gears to follow Zee’s path. Till date, Zee is successfully using its legacy content to build its OTT platform. But it will carry on without Chandra who resigned as the chairperson of <keyword id="141413" type="DOMAIN" weightage="20" keywordseo="Zee-Entertainment-Enterprises">Zee Entertainment Enterprises</keyword> (ZEEL) recently. He will continue to be a non-executive director while Punit Goenka his son will continue as the MD and CEO. Subhash Chandra once sat at the helm of India’s only private TV channel but his ambition to aggressively expand into infrastructure and real estate -- changed the course of his fortunes 
	<div type="Slideshow" msid="72251730" hostid="261" title="Subhash Chandra the man who started TV revolution in India now bows out after piling on $1.6 billion debt" firstImageMsid="72251845" slideCount="3"></div>

Subhash Chandra the man who started TV revolution in India now bows out after piling on $1.6 billion debt

<ul><li>Zee CEO has released an official statement, continuing the Zee-Invesco saga.</li><li>Goenka has questioned whether corporate governance does not apply to institutional investors.</li><li>He highlighted the imbalance that he observed in the valuation by <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword>.</li></ul>Firing a fresh salvo in the public brawl between <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> and US-based fund Invesco, the company’s Chief Executive Officer and Managing Director <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword> has issued his first official statement. Invesco is the largest shareholder of Zee with a 17.88% stake. Goenka said that the key reason to present the series of communications exchanged with Invesco was to bring the truth out in the interest of the shareholders. Earlier last week, Zee Entertainment and Essel Group’s founder Subhash Chandra Goenka had <a href="https://twitter.com/ZeeNewsEnglish/status/1445350870556704771">cast aspersions</a> on the intentions of Invesco, asking if they had cut a deal with another company. Later, <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco revealed</a> that it had facilitated merger discussions with Reliance. The latter said it backed off after clashes emerged between Zee and Invesco. While Goenka acknowledged that Invesco has been an "extremely strong support" for the company, he added that it pains him to see the relationship going sour. <div type="Article" hostid="261" msid="86984896" title="Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger" mstype="2" mssubtype="0"></div> Goenka questions Invesco "During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco. My attention was on the imbalance observed in the valuation and how it was not in the best interest of our shareholders. The only reason I did not agree to the proposal was because the shareholder value was getting compromised," Punit Goenka said in his <a href="https://economictimes.indiatimes.com/industry/media/entertainment/zee-ceo-punit-goenka-says-disappointed-with-the-way-current-situation-is-unfolding/articleshow/87017964.cms">statement</a>. As per Goenka, Invesco’s deal would have led to a loss of ₹10,000 crore for the shareholders of the company. Invesco had earlier this week <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">written</a> a letter to the company’s minority shareholders, alleging that the proposed merger with Sony Pictures Networks would benefit the promoter family while hurting the company’s minority shareholders. Questioning Invesco, Goenka said, “Our lawyers will do the needful in the court of law, as deemed necessary. But on a personal note, I have some questions as well. Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors?". The Bombay High Court is scheduled to hear the plea by Zee on October 21 and the National Company Law Tribunal (NCLT) hearing is scheduled for October 22. "It is all about increasing the value of that coin together, for the betterment of all the shareholders and the Company at large," he added. What Sony is getting from the Zee-Sony merger According to the specifics of the deal announced by Sony Pictures Networks, it will be the majority shareholder in the merged entity, with a stake of 52.93%, while Zee shareholders will hold a 47.07% stake. Sony Pictures will also infuse $1.6 billion (approx. ₹12,000 crore) in the merged entity to fund its future growth. In contrast, Zee Entertainment revealed that Invesco’s proposal would value the shareholding at ₹21,129 crore, at a price of ₹220 per share. In comparison, at the time of the announcement of Zee-Sony merger, Zee’s shares were trading at ₹337 (September 22) and the shares are currently trading at ₹317. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/invesco-reveals-it-proposed-zees-merger-with-reliance-suggests-that-the-company-left-money-on-the-table-in-sony-merger/articleshow/86984896.cms">Invesco reveals it proposed Zee’s merger with Reliance, suggests that the company left money on the table in Sony merger</a> <a href="https://www.businessinsider.in/stock-market/markets/news/zee-entertainment-falls-nearly-3-in-trade-as-board-refuses-to-hold-egm/articleshow/86678219.cms">Zee Entertainment falls nearly 3% in trade as board refuses to hold EGM</a> <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a>

Zee-Invesco saga: Punit Goenka speaks up for the first time, asks if corporate governance doesn’t apply to institutional investors

Mumbai, The National Company Law Tribunal (<keyword id="6355809" type="General" weightage="100" keywordseo="nclt" source="Orion">NCLT</keyword>) on Thursday allowed the merger of <keyword id="174248" type="General" weightage="50" keywordseo="zee-entertainment-enterprises-ltd" source="Orion">Zee Entertainment Enterprises Ltd</keyword> and Culver Max Entertainment (earlier known as <keyword id="3205208" type="General" weightage="50" keywordseo="sony-pictures-networks" source="Orion">Sony Pictures Networks</keyword> India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a USD 10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger. The NCLT, on July 11, had reserved its order on the merger after hearing objections from several creditors. It heard arguments from creditors, including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, <keyword id="51166" type="General" weightage="80" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> and Sony Pictures agreed to merge their businesses. Both media houses approached the tribunal for sanctioning the merger after obtaining permissions from National Stock Exchange, BSE and sectoral regulators such as the Competition Commission of India and the Securities and Exchange Board of India. However, the process stopped at the tribunal when a few creditors raised objections. Several creditors of Essel Group raised objections against the non-compete clause added to the scheme. NSE and BSE had informed the Mumbai bench of NCLT about two orders related to the Essel Group entities, where the promoters allegedly diverted funds from the listed entity for the benefit of their associate entities. This also included the <keyword id="6408660" type="General" weightage="50" keywordseo="securities-appellate-tribunal" source="Orion">Securities Appellate Tribunal</keyword> (SAT) order against Punit Goenka barring him from holding a directorial position in any listed company. SAT upheld Sebi the Securities and Exchange Board of India's (Sebi's) interim order which restrained both Zee Entertainment promoters Subhash Chandra and Punit Goenka from holding board positions in public listed companies for a year on account of alleged fund diversion. According to the creditors objecting to the merger, the order has a direct bearing as one of the integral parts of the scheme of merger is the appointment of Goenka as the Managing Director of the merged entity. As there is a regulatory bar on Goenka holding such positions, the merger shouldn't go through, they submitted.

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