'Merger should go through whether I'm the CEO or not'

Punit Goenka, the managing director and chief executive of Zee Entertainment Enterprises Ltd, has his hands full—on one end, he is working on completing the company’s merger with Sony Pictures Networks (SPN) and on the other, he’s fighting a legal battle with India’s markets regulator that prohibited him from holding any key position in any listed firm

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In his first interview since announcing the merger in December 2021, Goenka spoke about the commitment of both Zee and Sony towards the merger and the way ahead for the company. Goenka met Mint on a day it reported on Sony’s commitment to the merger. Edited excerpts:

Sony Pictures Entertainment has issued a statement stating there have been several erroneous press reports recently speculating about the future of Zee’s planned merger with SPN. What is your comment on the same?

If you see it factually, there is nothing wrong with that statement. You have to look it into two parts—one; they are denying the erroneous reporting where it was mentioned that Sony is going to walk away from the merger or going to do some sort of forensic audit, etc. There have been many erroneous reports lately. I think they’re putting this record straight. And for the second part of the statement, any good corporate entity has to respect whatever the regulator is saying. I think what they’re saying is that we are tracking what’s happening in the regulatory situation, and of course, we will act in accordance with the law. So, from that point of view, there is nothing wrong with the statement.

We are in constant touch with Sony in Los Angeles, and they have stated, there’s no reason for us to believe that there is any change in their stand towards the merger. 

But what happens to the merger if you don’t get relief from the courts in the Sebi order?

I’ll follow the law of the land. But having said that, the merger is of utmost importance to me. And I am completely focused on that. The merger should go through irrespective of whether I’m the CEO or not.