Punit Goenka told the Economic Times that ZEE Entertainment (ZEE.NS) and Sony’s Indian unit (6758.T) would merge regardless of who is CEO.
In 2021, Zee-Sony launched a $10 billion TV company with Goenka as managing director and CEO, but regulatory approvals are still pending.
Sony said Wednesday it took the India markets regulator’s ban on Zee Entertainment’s founder and CEO from holding board posts “seriously” and will follow developments that may compromise its arrangement with Zee.
The Securities and Exchange Board of India banned Zee Chairman Subhash Chandra and CEO Goenka for deliberately diverting corporate funds to the group’s associated firms for one year.
Despite my role as CEO, the ZEE-Sony combination is huge. “Sony has retained me as a promoter, MD, and CEO,” Goenka told the Economic Times.
Should the merger collapse if the law precludes me from retaining those positions? This would harm the ecology and the sector.”
Zee did not immediately reply to Reuters inquiries.
