Invesco move invalid; won’t let illegal takeover happen: Subhash Chandra


New Delhi, Oct 6 | Essel group patriarch Subhash Chandra on Wednesday came in defence of the existing management of Zee Entertainment Enterprises Limited (ZEEL) in its fight against two of the company’s largest shareholders, Invesco Developing Market Funds and OFI Global China Fund, which are seeking an extraordinary general meeting (EGM) to oust the current board and place their own representatives.

Terming the motive of Invesco as ‘questionable’, Chandra said that it is clear case of a takeover of the media house using illegal channels.

“We had faced takeover threats from foreigners earlier as well, in 1994, but came out of it unscathed. The present move by Invesco is a clear case of takeover of a company in a clandestine manner. We will not let this illegal takeover happen,” Chandra said while speaking on the issue on Zee group news channels.

Chandra also questioned the composition of Invesco and said that some people in the fund house are involved in a takeover attempt of ZEEL in a clandestine manner. He said that fund houses looking to run a media company are day-dreaming. It requires a professional management, which they clearly lack, he said.

“I want the ZEEL management to discuss the issue with Invesco and ask it to come out with a clear plan and clarify its intentions. Over 2.5 lakh shareholders can then be presented with its proposal and the proposed merger of ZEEL with Sony Pictures. It is a shareholders’ company and they will take a call as to what’s best for the organisation,” Chandra said.

Chandra also said that he is not against takeover and in fact if proper takeover happens, he would also like to participate in the open offer and provide 4 per cent of family shares in ZEEL.

“There are rules for takeover in the country where you have to follow the guidelines devised by the SEBI, the Corporate Affairs Ministry and the Information and Broadcasting Ministry. The process should follow the due guidelines on takeover and it should not happen in this illegal manner,” he said.

Chandra also said that neither he, nor his son Punit Goenka or Invesco are the owners of ZEEL. It is a company held by over 2.5 lakh ZEEL shareholders, he said, adding that they would decide the fate of the company.

On the Sony deal again resulting in transfer of ownership rights to foreigners, Chandra said that in the merger deal, Goenka will continue to heal the merged entity for five years.

“This is a deal that does not compromise shareholders’ interest, but adds value to it,” he said.

Chandra’s comment came on a day when ZEEL moved the National Company Law Appellate Tribunal (NCLAT) to get a stay on the NCLT order that sought a reply from the company on its decision to hold extraordinary general meeting (EGM) on a plea moved by shareholder Invesco Developing Market Funds.

On Tuesday, the NCLT had asked ZEEL to reply by October 7 on Invesco’s plea to get a legal order for the company to call an EGM to transact important business matters.

Invesco and another shareholder, OFI Global China Fund LLC, had moved the NCLT earlier seeking ZEEL board to call an EGM to discuss important corporate matters. But the ZEEL board rejected this call at its October 1 meeting, terming the requisition as invalid and illegal.

On Saturday, ZEEL had also moved the Bombay High Court against Invesco and OFI Global’s requisition for an EGM to discuss various issues, including the removal of Managing Director Punit Goenka.

The company’s plea before the court is to declare the call for EGM invalid after Invesco got the NCLT nod seeking a meeting by the ZEE board.

ZEEL is engaged in a boardroom brawl with the company’s two largest shareholders expressing non-confidence with the existing management and seeking an extraordinary general meeting to sack a few directors, including ZEEL MD and CEO Punit Goenka.

ZEEL also recently announced its merger with Sony Pictures, which further irked the shareholders who moved the NCLT to get their demand for EGM met.

Source: IANS

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Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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Recruitment Mantra to introduce its new job portal MyhireIndia for a seamless recruitment process

Recruitment Mantra to introduce its new job portal MyhireIndia for a seamless recruitment process

India witnessed massive downfall in the employment rate in the year 2020. Not only have the youth been denied equal job opportunities, but some of the upcoming job trends have also failed the modern age individuals.

Today, job sites are the most widely used portals used by individuals across the globe to find the right job that meets the qualification requirements. Every job is one search away. These portals have transformed the recruitment process to provide seamless and unified  experience to individuals.

Crediting the same, Recruitment Mantra is going to introduce their own job portal named to enable recruiters and individuals find the best job as per their requirement. The portal will enable employers to post unlimited jobs in this portal and hire the right talented candidates as per their requirements at free of cost. Jobseekers can register and upload their CV in this portal free of cost and can also search and apply for unlimited job openings through this portal.

Emerging as one of the best job sites in India that acts as a bridge between recruiters and job seekers, the platform has uniquely been curated to serve as a comprehensive for both students and young professionals looking for employment opportunities in their preferred location.

As one of the best job portals in India, MyhireIndia allows its users to search for either internship or job opportunities within a few clicks. The company review section enables the users to go through the reviews from the companies registered on the platform to get a glimpse of the work-life at the firm behind the curtain.

  • Keyword search: The keyword search function available on job search sites allows users to look for his/her preferred jobs in a single-click just by typing in the job keyword like retail jobs, media, pharmacy job, etc. on the keyword search bar.
  • User-friendly interface: The job site is developed for the key purpose of making job searches easier for its users. A user-friendly interface allows users to browse through job opportunities in his/her preferred areas of life without losing his/her focus in doing the same.
  • Options to filter preferences: The filters available on the job site allow users to filter out their job preferences exactly according to their needs and requirements. You can filter out your job search with your location, salary, job type, and other preferences.
  • Easy application process: If a job site has a complicated application option for jobs, it will automatically receive backlash for its services. The platform serves an easy application option to users, allowing them to apply for jobs within minutes.


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