2 min read.Updated: 24 Jul 2020, 06:54 PM ISTLata Jha
Punit Goenka said ZEE 4.0 is gearing up to take the next big leap by focusing on the 5Gs of governance, granularity, growth, goodwill and gusto
Punit Goenka, managing director and chief executive officer, ZEE Entertainment Enterprises Ltd (ZEEL), has said that the company is ready with strategic vision for a new version of itself titled ZEE 4.0. In a letter to shareholders on Friday, Goenka said the past 18 months have been extremely challenging, with the financial headwinds experienced by the promoter group, an event that made a dent in its goodwill.
Debt-ridden Essel Group had sold 15.7% of its shares to a clutch of institutional investors last November, as a result of which chairperson and promoter Subhash Chandra lost control of the company. More recently, in July, YES Bank Ltd had moved the Mumbai High Court, asking it to prevent ZEE from selling any more stake, and stop Zee promoter Goenka from leaving India. Essel group, which includes ZEEL, owed as much as Rs. 8000 crore to YES Bank.
In his letter, Goenka said ZEE 4.0 is gearing up to take the next big leap by focusing on the 5Gs of governance, granularity, growth, goodwill and gusto.
In terms of governance, ZEE 4.0 has at its helm, an all new reconstituted Board.
“I would like to state that an independent review commissioned by the Board has not found anything adverse to report. Further, we have introduced new policies which will strengthen our governance, mitigate our risks and safeguard our business interests," Goenka wrote adding that the focus going forward, will be to build a process oriented structure, achieving the highest levels of automation with zero manual intervention and a prudent approach towards treasury and investments.
Maintaining a granular and transparent approach while reporting, will be an important area of focus too. Be it segmental reporting across businesses, consistent reporting on business KPIs (key performance indicators), or regular communication pertaining to steps undertaken on ESG (environmental, social and governance) and CSR (corporate social responsibility) related activities; ZEE will ensure that every single aspect is reported at the right time and on the right platforms.
“We will continue to build our business with speed, responsiveness and decisiveness. Apart from constantly reinventing our existing business models, the focus will be to maximize our core, expand into adjacent spaces and explore new areas of business," Goenka wrote adding that the last 18 months have made a dent to their goodwill but he has taken it as a challenge to restore it.
“I am very proud of the professional leadership team at ZEE. The zeal, passion and commitment which the team brings to the table, gives me a deep sense of pride and I assure you that this will only grow with greater intensity," he wrote.