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Zeel responds to Invesco’s Open letter, dismisses allegations regarding Sony-Zeel merger
New Delhi: Zee Entertainment Enterprises Ltd (Zeel) has responded to Invesco’s Open letter, clearing the air regarding certain accusations made by the investors regarding the Zeel-Sony merger.
In its biting Open letter issued on 11 October, Invesco Developing Markets Fund and OFI Global China Fund LLC who combined own 18 per cent stake in Zeel had compared the Zeel-Sony merger to nothing more than a ‘camouflage’ to distract from the main issue. The investors had also accused the Company of “repeated governance failure” and “underperformance”, and said the deal “favours certain shareholders”.
On Wednesday, Zeel responded saying Invesco’s statements were “half-truths” and urged the investors to let the Board of directors of the Company and the management work towards finalising this deal, which according to it is “clearly for the benefit of all stakeholders.”
Referring to Invesco’s statement that it “will firmly oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders,” Zeel said, that their (Invesco’s) stance runs contrary to the very deal Invesco was itself proposing only a few months ago (referring to the deal with Reliance whose details were shared by MD Punit Goenka in a letter to the Board.)
“By way of comparison, the quantum of shareholding proposed to be transferred to the promoter group in the Sony Deal is substantially less (by as much as approx. 4 per cent) than what was being proposed by Invesco in the deal brought by them,” said the Company. Furthermore, the transfer of approx. 2.11 per cent shares by the promoters of Sony is a secondary transaction that will not be dilutive to any shareholder of the Company, unlike the proposal deal with Reliance.
The Company also emphasised that as per the terms of the deal with Sony, the promoter family is free to increase its shareholding from the current – 4 per cent to up to 20 per cent, but in a manner that is strictly in “accordance with applicable law.”
Zeel also dismissed the allegations made regarding the Sebi advisory letter to Zeel in June 2021, which according to Invesco raised “lack of governance oversight by Zeel’s current board.” The Company stated that Sebi had also suggested some corrective measures and Invesco has been working alongside the Company in taking and recommending corrective measures all along.
“All these facts and Invesco’s silence as regards these issues in its own requisition notice, gives us a reason to believe that Invesco ‘s recent actions are inconsistent with their past behaviour, and have been undertaken as an afterthought after various investors and analysts have sought to understand the rationale behind Invesco’s actions of these past few weeks,” said the Company.
Zeel also pointed out the apparent ‘lack of transparency’ from Invesco’s side, as it did not disclose the fact that they were negotiating a deal on behalf of the Company without any authority, even while criticising the Sony deal by way of the Open Letter disclosure made by the Company to the stock exchanges on 12 October. It was only Zeel made a disclosure, that Invesco came out with the details.
The Company also dismissed the ‘unsubstantiated aspersions on the management of the Company and has made comments in relation to the “permissive culture” of the Board, and said that five out of the six existing independent directors on the Board of the Company were appointed after Invesco’s investment in 2019 and that Invesco was consulted and their views were positively considered at the time of making such appointments.
“Accordingly, Invesco’s actions of the past few weeks, open letters against the Company and the Board and their general lack of transparency, have given the Board reason to believe that their actions are motivated by concerns entirely extraneous to any corporate governance issue,” said the Company.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
