1. Despite offering Punit Goenka’s resignation as CEO, Subhash Chandra questions Sony’s motives in abandoning the $10 billion deal.
2. Accusing Sony of intentionally derailing the deal, Chandra threatens legal action in an interview with ET.
3. Asserting Zee’s compliance with the deal terms, Chandra suggests Sony’s strategy was to engage and then withdraw, portraying Zee as vulnerable.
4. The conflict arose after Sebi accused Goenka and Chandra of abusing their positions and diverting funds for personal gain in June.
5. Sebi barred them from executive positions in listed firms during the investigation.
6. In October, an appellate authority granted partial relief to Goenka, allowing him to hold positions during the probe.
7. Zee viewed this as approval for Goenka as CEO, but Sony disagreed.
8. Despite Goenka proposing to be interim CEO with a search committee, Sony insisted on N.P. Singh as CEO.
9. Denying the siphoning charge, Chandra argues there would be a trail if money were moved and highlights repaying Rs 40,000 crore to banks.
10. Expressing confidence in a rebound, Chandra recalls Zee’s survival and success despite past predictions of failure.
11. In 2021, Invesco, once Zee’s major shareholder, fought to oust Goenka, claiming founders enriched themselves. Ironically, Sony’s merger deal calmed Invesco.