Key Points
Mumbai: Zee Entertainment Enterprises managing director and CEO Punit Goenka had proposed a solution to end the deadlock in the Sony-Zee merger talks - by offering to replace himself as CEO soon after taking charge of the merged entity, two people with knowledge of the matter said..
But Sony scuttled the idea, insisting on NP Singh as its candidate for the corner room, they said.. "Goenka had proposed to Sony that he was open to an independent search process to find a new CEO to replace him after he takes over," one of the individuals cited above told ET..
Earlier, Sony had opposed the idea of Goenka taking over as the managing director and CEO of the merged entity, citing stock market regulator Sebi's probe against him and his father Subhash Chandra for alleged fund diversion from Zee to promoter group companies...
As part of the scheme of arrangement signed in December 2021, Goenka was to be the MD and CEO of the merged entity for five years "subject to and on the terms as agreed between Punit Goenka and Sony Pictures Networks India (SPNI)"...
The main hurdle to the completion of the merger is the tussle between Goenka and Sony Pictures Entertainment's top brass over who will become the CEO of the merged entity, the people said.. While Sony is batting for its long-time media executive Singh, Goenka believes that the Securities Appellate Tribunal's (SAT) verdict setting aside the Sebi orders banning him from holding the top executive position has cleared the way for him to become the MD and CEO of the Sony-Zee combined entity...
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