ZEE-Sony merger could stall if Sony demands change in CEO position
The ZEE-Sony merger is expected to hit a stumbling block again after reports that Sony is on the lookout for a new CEO to replace Punit Goenka of its new merged entity.
Furthermore, LiveMint reports that if an agreement is not reached by 21st December, the merger could get derailed.
Back in 2021, the two companies agreed that the current managing director and CEO of ZEE, Goenka, will continue in the same position in the merged entity for five years. However, since then, Goenka has been embroiled in a legal wrangle after he was accused by the regulator for allegedly siphoning off company funds.
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Despite the temporary relief for Goenka, Sony is said to unhappy about the allegations and ongoing investigation and is now advocating for its executive to lead the merged entity.
In a quarter earnings call, Goenka provided an update. He was cited in Moneycontrol saying, “We have an active engagement with Sony on various parts of the scheme to be finally implemented after getting all the approvals. We have received the approval of the Mumbai bench of NCLT.”