'We'll lift Zee stake to 26%; no plan to raise external funds'
Mint Mumbai|January 29, 2024
Five years since Zee Entertainment persuaded lenders not to classify its debt as default, the media giant is facing pressure to oust its promoter family, after an aborted merger with Sony Pictures in India. In an interview, founder Subhash Chandra said his son Punit Goenka, who heads Zee, is the right person to lead it in the future as well, as he aims to raise the family’s stake in Zee from 4% to 26%. Edited excerpts:
Gaurav Laghate
'We'll lift Zee stake to 26%; no plan to raise external funds'

Is it a deja vu moment after Sony pulled the plug on the deal, stock is at an all-time low, and investors are trying to oust the Zee promoter family?

As you know, the 25th of January was the fifth anniversary of our failure in the capital market, when Zee's shares fell almost 40%. That time, I had 38 lenders sitting in my board room. I was accompanied by Punit and Amit on my side and I asked the lenders to have patience. I promised that I would repay all of them. They agreed, which was a first in India's financial history, where lenders gave the borrower a year to pay back, after I failed to pay them back in time.

Not everyone succeeds in all the businesses they do, but we still repaid almost 92% of the lenders. Five years down the line, I am asking the shareholders to have patience. Punit is the right person to run the company and there is no problem with Zee. It is a profitable, zero-debt company.

Were you on board with the Sony merger and what was your reaction when you realized it is probably failing?

Diese Geschichte stammt aus der January 29, 2024-Ausgabe von Mint Mumbai.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der January 29, 2024-Ausgabe von Mint Mumbai.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS MINT MUMBAIAlle anzeigen
Mint Mumbai

Air fares in Sep quarter rise, Q3 may be worse

Multiple public holidays have sparked demand for short trips to domestic destinations, said Indiver Rastogi, president & group head of global business travel at Thomas Cook (India) and SOTC Travel. This year, Independence Day, Janmashtami, Onam, Eid and Ganesh Chat-

time-read
1 min  |
July 16, 2024
Yes, the world is hotter than it has been in 2,000 years or so
Mint Mumbai

Yes, the world is hotter than it has been in 2,000 years or so

A scientific study of tree rings confirms global warming is for real

time-read
3 Minuten  |
May 20, 2024
As a non-resident, is there a tax liability on exiting Indian MFs?
Mint Mumbai

As a non-resident, is there a tax liability on exiting Indian MFs?

I have been investing in mutual funds for the past four years. Last year, I moved to Dubai and am currently a non-resident Indian NRD). Say, if] exit all my mutual fund investments now, would I have zero tax liability? —Name withheld on request.

time-read
1 min  |
May 20, 2024
Mergers off but PSB privatization still on
Mint Mumbai

Mergers off but PSB privatization still on

T 'he Centre doesn't have any plan to merge public sector banks (PSBS) in FY25, though it will not ditch plans to privatize PSBs during the fiscal, two people aware of the matter said.

time-read
2 Minuten  |
May 20, 2024
Think Tesla Is In Trouble? Pity Even More Its Wannabe EV Rivals
Mint Mumbai

Think Tesla Is In Trouble? Pity Even More Its Wannabe EV Rivals

The combined market value of six prominent wannabes hit 400bn in 2021, but today they are worth 65bn

time-read
7 Minuten  |
April 09, 2024
Has The Growth Of Our Economy Translated Into Domestic Jobs?
Mint Mumbai

Has The Growth Of Our Economy Translated Into Domestic Jobs?

While the covid shock and other setbacks got in the way, data indicates that employment in India is on a firm recovery path

time-read
4 Minuten  |
April 09, 2024
Financial Sector Reforms Plan To Be Unveiled Post Elections
Mint Mumbai

Financial Sector Reforms Plan To Be Unveiled Post Elections

The govt will cut its stake in five PSBs this fiscal to comply with Sebi’s listing guidelines

time-read
2 Minuten  |
April 09, 2024
Generative AI Is Not Ubiquitous In The Business World-Not Yet
Mint Mumbai

Generative AI Is Not Ubiquitous In The Business World-Not Yet

While some AI tools racked up users, some firms are proceeding with caution, or not at all

time-read
4 Minuten  |
April 09, 2024
Wipro’s CEO switch was not about its share price
Mint Mumbai

Wipro’s CEO switch was not about its share price

Shareholder value data does not explain the firm's change on top. In a flux-filled field like infotech, business performance counts for more and Wipro's challenge still seems quite steep

time-read
2 Minuten  |
April 09, 2024
Mint Mumbai

How not to blow a major chunk of your travel budget on visas

Rejection of visas can impact your travel costs, especially when you have to cancel flight and hotel bookings

time-read
5 Minuten  |
April 09, 2024