Committed to many more successful years ahead: Punit Goenka on Zee's completion of 29 yrs

Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka on Saturday said the company is committed to many more successful years ahead as it completed 29 years.

In a message to the employees of the company, Goenka said, "29 years ago, on this very day, we set pen to paper and laid the foundation of this extraordinary institution and an Academy of Talent, which we called ZEE. Back then, a lot of people thought it was a bold and impossible idea, but the power of passion and perseverance paid off and here we are today, celebrating this glorious milestone!"

This dream, built and nurtured over almost three decades, has transformed into a global company with synergised efforts and actions. The culture of consistent value creation and sustained growth was embedded in this journey, he said.

Also Read: Zee-Sony merger: How Invesco's move to oust Punit Goenka sprung Subhash Chandra into action

"As we together step into the 30th year of the company, we stay committed to many more successful years ahead filled with glory, growth, and profitability," Goenka said.

"This journey also had its fair share of challenges. My mantra in these situation has always been to look at the silver lining instead of the dark ground, or to put it simply, consistently focus on one's work and believe that every difficult phase shall certainly pass," Goenka, who is facing a new challenge from Invesco, an investor in the company, said.

Earlier today, ZEEL filed a civil suit in the Bombay High Court seeking to deem Invesco Developing Markets Fund and OFI Global China Fund LLC's demand for an extraordinary general meeting (EGM) as "illegal and invalid".

The US-based Invesco had moved a petition calling for convening of EGM, removal of Goenka as well as two other directors, and reconstitution of the board with the appointment of six new directors.

Also Read: Zee moves Bombay HC against top investor Invesco's demand for EGM

As if addressing the latest challenge he is facing, Goenka said, "In fact, these ups and downs have been extremely consequenential in building our resilience, enabling us to remain committed towards the company's growth and profitability."

On ZEEL's proposed merger with Sony India, Goenka said the best is yet to come as the merger will make ZEEL the largest media and entertainment company in the country. "I am extremely confident that with Sony as a partner in our value creation journey, the combined synergies will help us strengthen our capabilities to create sharper content that enriches the lives of our consumers."

Last month, the board of ZEEL had given its in-principle approval for a merger with Sony Pictures Network India (SPNI).

"Being challenged in life is inevitable, but being defeated is optional. The choice will always be yours and yours alone," Goenka told employees of the company.

Also Read: Zee-Sony merger: A win-win for both, strategically and geographically