Subhash Chandra, the company’s founder and chairman emeritus, stated on Wednesday that he will resist the takeover attempt by the US-based fund Invesco and will not permit it to conduct a “clandestine and unlawful” purchase of the business.

“I don’t believe this Invesco takeover will ever take place. Let me tell Invesco that if you desire a battle, I’ll be ready to respond. However, I ask that Invesco act more like a shareholder than an owner,” Chandra remarked.

Chandra made an emotional plea to the channel’s audience and the Indian government during an interview with Zee News, a Zee network program, not to permit Invesco to acquire the business.

Invesco must not be allowed to violate local regulations, according to the Ministry of Corporate Affairs and the. They must look into the several rules that Invesco has breached as well as its covert plan to take over the business, according to Chandra.

Chandra, who broke down on live air, claimed he founded Zee TV network in 1992 and turned down a $500 million offer from a foreign media tycoon for the network’s entire sale in 1994. belongs to its 900 million viewers and 250,000 shareholders. We are currently the only Indian channel. Chandra stated that Invesco must present their offer if they want to make a better one. Chandra said, “My recommendation to Invesco is to put your offer on the table and let the shareholders decide.

Invesco requested the company’s board to schedule an extraordinary general meeting in early September so that it could name six of its nominees and remove the present MD and CEO. The case is still pending in court after Zee board rejected the move.

According to Chandra, no one is certain of Invesco’s ownership structure or the identities of the two funds that own a part in Zee. “We have no idea who is behind it or whether it is a China-based fund. Invesco wants to take over the business covertly and is breaking all Indian laws in the process. The ZEE board, which is autonomous and has denied Invesco’s request to hold an EGM, has done so after consulting with a former SC judge, Chandra added.

The board has a responsibility to inform investors that the EGM requisition is illegal, according to Chandra. I ask the Zee board to instruct Invesco to negotiate a deal and present it to shareholders for approval, the man added.

Chandra emphasized the importance of doing thorough investigations and considering all of Invesco’s precedents. According to Chandra, the government ought to request that the agencies show interest in Invesco. Although US-based fund Oppenheimer supports Invesco funds, Chandra noted that Invesco seemed to have changed.

Chandra stated that he is willing to sell his 4% ownership if Invesco makes a good offer. But I won’t allow this to happen if you (Invesco) take over this company illegally. Chandra claimed that Sony, which consented to the merger with Zee, provided an assurance that Goenka would lead the business for a period of five years while keeping the Indian management. On the other hand, we are unsure about the motivations of Invesco’s backers. We are unsure, but they may have an Indian partner who is assisting them, the man stated.

Subscribe to us!