Unhappy with ZEEL-Sony mega merger, Invesco faces tough questions for proposal in board change


The entire market greeted the mammoth merger between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) with open arms last week, but Invesco remains adamant about changing the ZEEL Board of Directors.

Invesco lacks both a good proposal and relevant professional experience in the entertainment industry. The main question here is what Invesco’s goal is with this move. The ZEEL board of directors has a who’s who of the entertainment world, but Invesco lacks a large figure with significant experience in the media and entertainment sector. As a result of Invesco’s plan, issues have arisen.

Let’s have a look at proposed Board by Invesco and the experience that proposed members have:-

– No prior experience in media 

– Limited experience in listed company; as now in HFCL board

– 3 years experience in Bharat Electronics Board

– Is telecom sector experience is enough for ZEEL?

– Was independent director in Jindal Steel for 2 years 

– No reappointment after first tenure 

– As of now, independent director in Welspun enterprises

– Controversy erupted on presentation of Commonwealth Games while holding DG Doordarshan post

– Private company probed production, presentation

– Shunglu Committee alleged that she benefitted private firms 

– Rs 135 cr loss to government alleged

– IPC, PCA action was proposed

– ED probed FEMA violation; parent cadre was sent

Naina Krishnamurthy

– Limited experience with respect to listed company

-No experience of media and entertainment

Rohan Dhamija 

– No experience of board in any listed company

-By and large, holds experience in Analysys Mason as Managing Partner

– No experience of media and entertainment

Srinivasa Rao Addepalli

– No major experience except Tata Group; board member nowhere

-Tata is an investor in his edutech startup Global Gyan

– Ratan Tata is angel investor in Global Gyan

-No clarity so far on investment amount by Ratan Tata

-Most of the projects held by Global Gyan are from Tata Group

-Many staff members of Tata are in advisory role, and faculty member role

Gaurav Mehta

– Associated with Raine Advisors India Pvt. Ltd

-No experience in listed company

– He is on board of company which is registered as broker-dealer in US SEC

Zee Business raises some tough questions for Invesco:-

– Where is the media, industry, digital and tech experience of Invesco proposed board members?

– Where is the experience of merger, acquisitions, approval?

– How did invesco get right to grab 6 seats in Board without having 18% share? 

– Why is Invesco forgetting that it is a financial investor, not strategic investor?

– If Invesco has no solid plan, then why it wants to break the mega merger deal of ZEEL-Sony?

– Do foreign investors like Invesco want to destabilise an established Indian brand?

Live TV

#mute

pSUPERFLY.virtualPage(prevLoc,$(this).children().find('.left-block').attr('data-title')); //console.log("Summary: " + $(this).children().find('.left-block').attr('data-summary')); //console.log("Keyword: " + $(this).children().find('.left-block').attr('data-keyword')); //history.pushState('' ,'', prevLoc); loadshare(prevLoc); } return false; // stops the iteration after the first one on screen } }); if(lastHeight + last.height() < $(document).scrollTop() + $(window).height()){ //console.log("**get"); url = $(next_selector).attr('href'); x=$(next_selector).attr('id'); //console.log("x:" + x); //handle.autopager('load'); /*setTimeout(function(){ //twttr.widgets.load(); //loadDisqus(jQuery(this), disqus_identifier, disqus_url); }, 6000);*/ } //lastoff = last.offset(); //console.log("**" + lastoff + "**"); }); //$( ".content-area" ).click(function(event) { // console.log(event.target.nodeName); //}); /*$( ".comment-button" ).live("click", disqusToggle); function disqusToggle() { var id = $(this).attr("id"); $("#disqus_thread1" + id).toggle(); };*/ //$(".main-rhs2397677").theiaStickySidebar(); var prev_content_height = $(content_selector).height(); //$(function() { var layout = $(content_selector); var st = 0; ///}); } } }); /*} };*/ })(jQuery);



Source link

Advertisement

Sagar Biswas

Leave a Reply

Your email address will not be published. Required fields are marked *