Goenka, who recently resigned from the directorship of Zee Media Corporation said that Zee will focus on growth and profitability to enhance shareholder value in this new chapter.

Punit Goenka is the MD and CEO of Zee Entertainment LimitedImage source: Wikimedia Commons (CC BY-SA 4.0)
Money Business Saturday, July 25, 2020 - 14:34

The MD and CEO of Zee Entertainment Enterprises Ltd (ZEE) Punit Goenka on Friday said that he is here to stay and is committed towards ZEE. In an open letter on Friday, he came up with a strategic roadmap for the company and termed the next for the company as ZEE 4.0. He has come up with a "5G" approach, which according to him will define the future of the company towards its "next big leap".

He said, "The start of this financial year has been a rather special one for me and the entire team at ZEE. Since for us; it is not just the beginning of another new year, but the beginning of an entirely new life for the Company. The beginning of a company which is transforming in line with its new realities. The beginning of a sharper, leaner, greener version of ZEE. The beginning of ZEE 4.0."

The five core areas he wrote about include governance, granularity, growth, goodwill and gusto.

"I am here to stay and remain committed towards ZEE. I have taken this up as a challenge to restore the goodwill; not just for me, not just for my family, but for the entire team at ZEE," he said

Talking of governance, he said that ZEE has further strengthened its board with new esteemed members that bring in the required blend of expertise, experience and wisdom. The Company has also introduced new policies to strengthen its governance, mitigate the risks andsafeguard the business interests.

He further said that ZEE 4.0 will adopt a more granular and transparent approach while reporting, ensuring that its valuable stakeholders gain a deeper insight into the business, which he termed as granularity.

On growth the CEO said, ZEE's constant endeavour to stay ahead of the industry performance will always be a guiding factor in all its future initiatives.

"The Company in this new chapter will continue to harbor a stronger focus on growth and profitability to constantly enhance shareholder value," he said.

Goenka stated that the zeal, passion and commitment displayed by the team has been amongst the key factors instrumental to the company's success.

"The new ZEE 4.0 will further intensify these aspects to compete in a rapidly evolving world," as per a company statement.

The development comes just days after Goenka resigned from the directorship of Zee Media Corporation. In a regulatory filing, Zee Media said that Goenka resigned on account of "preoccupation". Punit is the son of Subhash Chandra, the Chairman of Essel Group which runs Zee Media.

Essel Group had sold 15.7% of its shares to institutional investors in November 2019 when Chandra lost control of the company. The Essel group also owes Yes Bank Rs 8000 crore, which recently moved Bombay High Court to prevent Zee from selling further stake and Goenka from leaving the country.

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