Subhash Chandra criticises Invesco for trying to take over ZEE

BizAsia Correspondent



In his first interview since ZEE Entertainment Enterprises Limited and its investor, Invesco got into an ugly spat, Founder and Chairman of Essel Group, Subhash Chandra has criticised Invesco in its recent demands calling for an Extraordinary General Meeting (EGM) to oust Managing Director, Punit Goel.

He told ZEE News, “I know you (the viewers) have got my back. I assure you, if you are with us, we will not let a foreign company take over. This company is not a personal property of anyone. It belongs to the people.”

Asked if he knew of anyone from India backing Invesco, he said, “I do not want to make a guess on that.”

He also made clear that the matter should be dealt amicably and not get into a war of words. “I will fight back not because I have some financial gains, but I’ll feel satisfied that I am honest with the 90 crore viewers of ZEE,” he stated.

He further added, “Invesco deals in dollars, we deal in rupees. They have money and power. This is a clear cut case of company takeover in a clandestine manner, which is not legal. Yes, Invesco is an 18% shareholder, but not owner. The law of the land should not allow this to happen.”