Mumbai: Zee Entertainment Enterprises has replaced MD and CEO Punit Goenka with an interim committee of senior executives. The objective is to ensure seamless operations within the media and entertainment firm.
The development comes almost a month after the Securities and Exchange Board of India (SEBI) issued an interim order on 12 June, preventing Goenka and Essel Group chairman Subhash Chandra from occupying top managerial roles in any listed company.
In an internal email, Goenka wrote, “Over the last one month or so, there have been a lot of words that might have caught your attention. Especially the ones that came with a tinge of negativity. And hence I thought, it is important for me to pen down this note for all of you, to ensure that there is the utmost level of clarity and transparency.
As you all might have noted, on June 12, 2023, I was served with an ex-parte order by the SEBI, concerning certain transactions conducted at an Essel Group level in the year 2019. With the help of legal experts, I am exercising my legal rights to seek justice. SAT has given a hearing to the matter and has passed an order on July 10, 2023, setting a framework for this process. In line with the order and in accordance with the law, I am taking the next steps. There is nothing more to it.”
He further added, “Since the order restricts him from holding a directorial or key managerial position in a listed company, in the interim, the Board of our Company has constituted an Interim Committee of senior executives to ensure smooth operations and day-to-day functioning. The Interim Committee will be under the supervision of the Board and will seek its guidance on all matters pertaining to the Company.”
He continued that the important point to focus on is not what is happening to him but what is happening, or should happen to our great Company. The important point to be excited about is the fact that this Company is all set to merge with the most prestigious global media and entertainment brand - Sony.
He commented, “The proposed merger with Sony has reached a very important juncture. The Mumbai Bench of the National Company Law Tribunal (NCLT) has reserved its order for approval in the final stage of the hearing conducted on July 10, 2023. The merger has already been cleared by the Competition Commission of India (CCI), Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and above, by the esteemed shareholders of our Company.”