Dr Subhash Chandra Speaks On ZEEL-SONY Merger & Invesco

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New Delhi: Breaking the malicious agenda of Invesco, Dr Subhash Chandra, Founder, Zee Entertainment Enterprises Limited (ZEL) said that 2.5 lakh shareholders and 90 crore viewers are the real owners of the company and not Invesco. Taking a jibe at the ‘China-backed’ investor, Dr. Chandra said they (Invesco) are trying to take control of the company by taking advantage of legal loopholes.

He said this while speaking on the most popular news program ‘DNA with Sudhir Chaudhary’. Talking about Invesco’s nefarious intentions, Dr Chandra said, “This is a clear case of acquisition of the company in a clandestine manner, which is not legal. You (Invesco) are the 18% shareholder, but not the owner. Further, he asked the Securities and Exchange Board of India (SEBI) to take cognizance of the matter. Also read- Invesco needs to settle the matter peacefully, doesn’t want any rift with them: Subhash Chandra

Recalling the journey of Zee TV, Dr. Chandra also cried. “It was destiny. It was bound to happen. And that’s how Zee happened. People gave meaning to Zee. I couldn’t repeat this feat today even if I wanted to. Many mistakes were made along the way and we paid for it. Me Black badges were also shown, shoe garlands were presented. But I have received all of them positively”, he said, refusing all allegations that many media houses have published since the mega-merger of Zeel-Sony Pictures. Also read- Ashok Pandit, Subhash Ghai, Boney Kapoor, Satish Kaushik and Bollywood leaders came out in support of #DeshKaZee

#Watch #deshkazi | If Invesco wants to fight, we’ll give them one. I have faith in the people of my country, they will not let Zee down: Dr. @subhashchandra Invesco’s intention on ZEEL-Sony merger pic.twitter.com/EM7odpAzMg

— India.com (@indiacom) October 6, 2021

Here are the highlights of his interview:-

  • Zee was launched at a time when there was only Doordarshan in India. But being a public broadcaster, DD had its limitations. Thus Zee came and filled the gap.
  • From Dr Subhash Chandra to Sudhir Chaudhary, a channel like Zee TV cannot be made even after spending 10 lakh crores.
  • Expressing his gratitude towards the audience, Dr. Chandra said that the love and trust of the people has made ZEE such a big company that it is today.
  • Invesco is a shareholder, it is not the owner, Dr Chandra hit back at the company.
  • He said that 2.5 lakh shareholders and 90 crore Indian viewers are the real owners of ZEEL.
  • They (Invesco) should settle the matter peacefully. “We don’t want any tussle with Invesco,” said Dr. Chandra.
  • If you want to acquire, offer 75% to shareholders. “We would welcome your proposal, but don’t try to do it through illegal means”, Dr Chandra said, referring to Invesco’s agenda.
  • Will not take charge. The law of this country will not allow this to happen, Dr. Chandra expressed confidence.
  • There is definitely someone in India who is backing Invesco. I don’t want to speculate on that, Dr. Chandra told Sudhir Chaudhary.
  • If Invesco wants to fight, we will give them one, the ZEEL founder said.
  • We have made mistakes along the way and I have paid the price, but I have welcomed criticism positively, he added.
  • Praising Sony, Dr Chandra said that though Sony is a foreign company with good intentions. They want to maintain the new merger with India.
  • I have full faith in the people of this country, they will not let Zee down, Dr Chandra said.

Zee-Sony Mega-Merger

The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL), present and voting at its board meeting held on 21 September 2021, unanimously gave in-principle approval for the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board had concluded that the merger would be in the best interest of all shareholders and stakeholders.

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