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{{short description|Indian conglomerate}}
{{short description|Indian media conglomerate}}
{{Use dmy dates|date=September 2015}}
{{Use dmy dates|date=September 2015}}
{{Use Indian English|date=September 2015}}
{{Use Indian English|date=September 2015}}
{{Infobox company
{{About|the Indian conglomerate|the French lens manufacturer which merged with Silor in 1972|Essilor}}{{Infobox company
| name = Essel Group
| name = Essel Group
| logo = EsselGroup Logo.svg
| logo = EsselGroup Logo.svg
| logo_size = 220px
| type = [[Private Company|Private]]
| type = [[Private Company|Private]]
| foundation = {{start date and age|1926}}
| foundation = {{start date and age|1926|05|21|df=yes}}
| founder = Jagannath Goenka
| founder = Jagannath Goenka
| location = [[Mumbai]], [[Maharashtra]], [[India]]
| location = [[Mumbai]], [[Maharashtra]], India
| key_people = [[Subhash Chandra]]<br>([[Chairman]])
| key_people = [[Subhash Chandra]] ([[chairman]])
| industry = [[Conglomerate (company)|Conglomerate]]
| industry = [[Conglomerate (company)|Conglomerate]]
| area_served = Worldwide
| area_served = Worldwide
| products = {{plainlist|
| services = {{plainlist|
*[[Mass media]]
*[[Mass media]]
*[[Packaging]]
*[[Packaging]]
*[[Infrastructure]]
*[[Infrastructure]]
*[[Financial services]]<ref>{{Cite web|url=http://www.esselgroup.com/group-profile.html|title=Esselgroup - Essel Group Profile|website=www.esselgroup.com}}</ref>}}
*[[Financial services]]<ref>{{Cite web|url=http://www.esselgroup.com/group-profile.html|title=Esselgroup - Essel Group Profile|website=www.esselgroup.com|access-date=13 December 2020|archive-date=19 February 2023|archive-url=https://web.archive.org/web/20230219083602/http://www.esselgroup.com/group-profile.html|url-status=dead}}</ref>}}
| revenue = {{up}} {{INR}} 16,800 crore <br> (US$ 2.4 billion) (2021)
| revenue = {{down}} {{INR}} 16,800 crore <br> (US$2.4 billion) (2023)
| net_income = {{down}} {{INR}} -158 crore <br> (US$ -19 million) (2023)
| num_employees = 10,000+ (2021)
| num_employees = 10,000+ (2021)
| subsid = {{plainlist|
| subsid = {{plainlist|
*[[Zee Media Corporation]] (8.52 %)
*[[Zee Media Corporation]] (4.34%)
*[[Zee Entertainment Enterprises]] (3.99 %)
*[[Zee Entertainment Enterprises|Z Entertainment Enterprises Limited]] (3.99%)
*[[Dish TV]] (5.93 %)
*[[Dish TV]] (4.04%)
*[[Siti Networks]] (6.10 %)
*[[Siti Networks]] (6.10%)
}}
}}
| homepage = {{URL|http://www.esselgroup.com/}}
| homepage = {{URL|http://www.esselgroup.com/}}
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}}
}}


'''Essel Group''', (also known as '''Zee Group''') is an Indian [[Multinational corporation|multinational]] [[Conglomerate (company)|conglomerate]] [[holding company]] and [[corporate promoter]] headquartered in [[Mumbai]], [[Maharashtra]], [[India]].<ref>{{Cite web|title=Tarun Katial {{!}} On the binge|url=https://www.livemint.com/mint-lounge/features/tarun-katial-on-the-binge-11580638681181.html|last=Sapam|first=Bidya|date=2020-02-02|website=[[Livemint]]|language=en}}</ref> The company has had business interests in [[mass media]], [[infrastructure]] and [[packaging]]. It operates the [[subsidiary]] of [[Zee Media Corporation]].<ref>{{Cite web|title=Sangh backs Zee in its fight for survival (IANS Exclusive)|url=https://www.outlookindia.com/newsscroll/sangh-backs-zee-in-its-fight-for-survival-ians-exclusive/1473656|date=6 February 2019|website=[[Outlook India]]}}</ref><ref>{{Cite web|title=Essel Group in talks to raise $400 million to refinance debt|url=https://www.livemint.com/Companies/TVdcldqh0yIAWbEMLyTRkN/Essel-Group-in-talks-to-raise-400-million-to-refinance-debt.html|last=Chaki|first=Deborshi|date=2019-01-09|website=[[Livemint]]|language=en}}</ref><ref>{{Cite web|title=India Inc's Crown Jewels At Risk- Business News|url=https://www.businesstoday.in/magazine/the-hub/india-inc-crown-jewels-at-risk/story/332850.html|last=Pratap|first=Rashmi|date=21 April 2019|website=[[Business Today (India)]]}}</ref> Encumbered with severe debt,<ref name=":18">{{Cite web|date=15 April 2020|title=Sudhanshu Vats Appointed CEO And MD At Essel Propack|url=http://businessworld.in/article/Sudhanshu-Vats-Appointed-CEO-And-MD-At-Essel-Propack/15-04-2020-189298|website=[[BW Businessworld]]|language=en}}</ref> Essel has sold off several of its assets, including [[Essel Propack]] and stakes of Zee Entertainment Enterprises.<ref name=":18" /><ref name=":10" />
'''Essel Group''' (also known as '''Zee Group''') is an Indian [[media conglomerate]], headquartered in [[Mumbai]], [[India]].<ref>{{Cite web|title=Tarun Katial {{!}} On the binge|url=https://www.livemint.com/mint-lounge/features/tarun-katial-on-the-binge-11580638681181.html|last=Sapam|first=Bidya|date=2020-02-02|website=[[Livemint]]|language=en}}</ref> The group has had business interests in [[mass media]], [[infrastructure]] and [[packaging]].<ref>{{Cite web|title=Sangh backs Zee in its fight for survival (IANS Exclusive)|url=https://www.outlookindia.com/newsscroll/sangh-backs-zee-in-its-fight-for-survival-ians-exclusive/1473656|date=6 February 2019|website=[[Outlook India]]}}</ref><ref>{{Cite web|title=Essel Group in talks to raise $400 million to refinance debt|url=https://www.livemint.com/Companies/TVdcldqh0yIAWbEMLyTRkN/Essel-Group-in-talks-to-raise-400-million-to-refinance-debt.html|last=Chaki|first=Deborshi|date=2019-01-09|website=[[Livemint]]|language=en}}</ref><ref>{{Cite web|title=India Inc's Crown Jewels At Risk- Business News|url=https://www.businesstoday.in/magazine/the-hub/india-inc-crown-jewels-at-risk/story/332850.html|last=Pratap|first=Rashmi|date=21 April 2019|website=[[Business Today (India)]]}}</ref> Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagannath Goenka, the company was expanded and converted into the Essel Group of Industries by his grandson, [[Subhash Chandra]].<ref name=":0">{{Cite web|title=From 'Okara Dukaan' to Zee… the complete story|url=https://www.mxmindia.com/2012/10/from-okara-dukaan-to-zee-the-complete-story/|date=1 October 2012|website=MxMIndia}}</ref>  
Chandra is part of the Goenka (Goel) family which owns and operates the group; he was also the chairman of the company and a former member of the [[Rajya Sabha]].<ref>{{Cite news|title=Subhash Chandra and family|work=Media Ownership Monitor|publisher=[[Reporters Without Borders]]|url=http://india.mom-rsf.org/en/owners/individual-owners/detail/owner/owner/show/subhash-chandra-and-family/}}</ref>


Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagannath Goenka, the company was expanded and converted into the Essel Group of Industries by his grandson, [[Subhash Chandra]].<ref name=":0">{{Cite web|title=From ‘Okara Dukaan’ to Zee… the complete story|url=https://www.mxmindia.com/2012/10/from-okara-dukaan-to-zee-the-complete-story/|date=1 October 2012|website=MxMIndia}}</ref> Chandra is part of the Goenka (Goel) family which owns and operates the group; he is also the chairman of the company and a [[Bharatiya Janata Party]]-backed member of the [[Rajya Sabha]].<ref>{{Cite news|title=Subhash Chandra and family|work=Media Ownership Monitor|publisher=[[Reporters Without Borders]]|url=http://india.mom-rsf.org/en/owners/individual-owners/detail/owner/owner/show/subhash-chandra-and-family/}}</ref>
Experiencing financial troubles in 2019,<ref name=":10">{{Cite web|title=Subhash Chandra may lose say in Zee Entertainment|url=https://www.livemint.com/companies/news/subhash-chandra-may-lose-say-in-zee-entertainment-11572892358237.html|last1=Gopakumar|first1=Gopika|last2=Laskar|first2=Anirudh|date=2019-11-05|website=[[Livemint]]|language=en}}</ref><ref name=":18">{{Cite web|date=15 April 2020|title=Sudhanshu Vats Appointed CEO And MD At Essel Propack|url=http://businessworld.in/article/Sudhanshu-Vats-Appointed-CEO-And-MD-At-Essel-Propack/15-04-2020-189298|website=[[BW Businessworld]]|language=en}}</ref> Essel sold off several of its assets, including [[Essel Propack]] and stakes in [[Zee Entertainment Enterprises]].<ref name=":10" /><ref name=":18" />


== History ==
== History ==


=== 1926–1967 ===
=== 1926–1967 ===
In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in [[food grain]]s at the ''mandi'' ([[product market]]) in [[Adampur, Hisar]]. In 1946, as a result of poor performance in Adampur, the firm moved to the town of [[Hisar (city)|Hisar]]. Goenka attempted to expand the business in 1948 by setting up a [[pulses]] polishing factory in [[Delhi]], but he suffered heavy losses, forcing him to cease Delhi operations in 1951. He moved the Delhi machinery to Hisar, where he was able to turn consistent profits by selling polished [[whole grain]]s to [[Gujarat]] and [[South India]]. By 1966, the firm was operating one [[dal]] [[Mill (grinding)|mill]] and two [[cotton ginning]] factories.<ref name=":0" />{{Primary source inline|date=May 2020}}
In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in [[food grain]]s at the ''mandi'' ([[product market]]) in [[Adampur, Hisar]]. In 1946, as a result of poor performance in Adampur, the firm moved to the town of [[Hisar (city)|Hisar]]. Goenka attempted to expand the business in 1948 by setting up a [[Dal|pulses]] polishing factory in [[Delhi]], but he suffered heavy losses, forcing him to cease Delhi operations in 1951. He moved the Delhi machinery to Hisar, where he was able to turn consistent profits by selling polished [[whole grain]]s to [[Gujarat]] and [[South India]]. By 1966, the firm was operating one [[dal]] [[Mill (grinding)|mill]] and two [[cotton ginning]] factories.<ref name=":0" />{{Primary source inline|date=May 2020}}


=== 1967–1992 ===
=== 1967–1992 ===
In 1967, the business suffered a series of losses, leaving the Goenka family at a net deficit of {{INRConvert|600,000||lk=on|year=1967}}. Between 1967–68, the Goenkas' connections in the [[Food Corporation of India]] (FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned [[barley]] but also a later contract for storage of food grains.<ref name=":0" />
In 1967, the business suffered a series of losses, leaving the Goenka family at a net deficit of {{INRConvert|600,000||lk=on|year=1967}}. Between 1967–68, the Goenkas' connections in the [[Food Corporation of India]] (FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned [[barley]] but also a later contract for storage of food grains.<ref name=":0" />


In 1973, control of the company was handed over to [[Subhash Chandra]], the grandson of Jagannath Goenka.<ref name=":1">{{Cite web|title=New Pastures For The Patriarch|url=http://businessworld.in/article/New-Pastures-For-The-Patriarch/08-11-2014-60132|last=Singh|first=Gurbir|date=8 November 2014|website=[[BW Businessworld]]|language=en|url-status=live|archive-url=https://web.archive.org/web/20181230131004/http://www.businessworld.in/article/New-Pastures-For-The-Patriarch/08-11-2014-60132/|archive-date=23 October 2019}}</ref>
In 1973, control of the company was handed over to [[Subhash Chandra]], the grandson of Jagannath Goenka.<ref name=":1">{{Cite web|title=New Pastures For The Patriarch|url=http://businessworld.in/article/New-Pastures-For-The-Patriarch/08-11-2014-60132|last=Singh|first=Gurbir|date=8 November 2014|website=[[BW Businessworld]]|language=en|url-status=live|archive-url=https://web.archive.org/web/20181230131004/http://www.businessworld.in/article/New-Pastures-For-The-Patriarch/08-11-2014-60132/|archive-date=30 December 2018}}</ref>


The company renamed itself the Essel Group in 1976. After acquiring a storage contract with the FCI in the same year, Essel established a new subsidiary, Lamina Packers, to manufacture packaging materials.<ref name=":0" /> In 1981, Essel obtained lucrative export contracts for rice and [[soya bean]]s as a result of Indo–[[USSR]] bilateral [[trade agreement]]s. According to a 2014 estimate, Essel Group's net worth by 1982 was over {{INRConvert|100|c|lk=on|year=2014}}.<ref name=":1" /><ref name=":0" />
The company renamed itself the Essel Group in 1976. After acquiring a storage contract with the FCI in the same year, Essel established a new subsidiary, Lamina Packers, to manufacture packaging materials.<ref name=":0" /> In 1981, Essel obtained lucrative export contracts for rice and [[soya bean]]s as a result of Indo–[[USSR]] bilateral [[trade agreement]]s. According to a 2014 estimate, Essel Group's net worth by 1982 was over {{INRConvert|100|c|lk=on|year=2014}}.<ref name=":1" /><ref name=":0" />


In December 1982, Lamina Packers became incorporated as [[Essel Packaging]],<ref name=":0" /> which marked Essel Group's full-blown venture into the [[packaging industry]], with the primary product being the laminated tube units that originated with Lamina Packers. In 1983, the group also began investing in a future amusement park in Mumbai.<ref name=":1" /> [[EsselWorld]] opened six years later, becoming India's first amusement park.<ref name=":2">{{Cite web|title=Subhash Chandra: interesting facts of chairman of the essel group|url=https://www.businessinsider.in/thelife/personalities/article/interesting-facts-about-chairman-of-the-essel-group-subash-chandra-that-will-inspire-many/articleshow/74171305.cms|date=17 October 2020|website=[[Business Insider]]}}</ref> Although the park was partly meant to signal that its parent corporation wanted to be a major force in the [[entertainment industry]], EsselWorld has always been unprofitable.<ref>{{Cite web|title=Entertainment Inc.: The story of Zee, one of India's first Hindi {{sic|satel|ite|nolink=y}} channels|url=https://www.indiatoday.in/magazine/cover-story/story/20170821-zee-hindi-tv-channel-subhash-chandra-1028931-2017-08-11|last=Singh|first=Suhani|date=21 August 2017|website=[[India Today]]|language=en|access-date=2020-02-26}}</ref><ref name=":2" /><ref name=":5">{{Cite web|title=Subhash Chandra makes television history with Zee TV began life running a flour-mill|url=https://www.indiatoday.in/magazine/profile/story/19940815-subhash-chandra-makes-television-history-with-zee-tv-began-life-running-a-flour-mill-809511-1994-08-15|last=Agarwal|first=Amit|date=12 July 2013|website=India Today|language=en|publication-date=15 August 1994|access-date=28 February 2020}}</ref>
In December 1982, Lamina Packers became incorporated as [[Essel Packaging]],<ref name=":0" /> which marked Essel Group's full-blown venture into the [[packaging industry]], with the primary product being the laminated tube units that originated with Lamina Packers. In 1983, the group also began investing in a future amusement park in Mumbai.<ref name=":1" /> [[EsselWorld]] opened six years later, becoming India's first amusement park.<ref name=":2">{{Cite web|title=Subhash Chandra: interesting facts of chairman of the essel group|url=https://www.businessinsider.in/thelife/personalities/article/interesting-facts-about-chairman-of-the-essel-group-subash-chandra-that-will-inspire-many/articleshow/74171305.cms|date=17 October 2020|website=[[Business Insider]]}}</ref> Although the park was partly meant to signal that its parent corporation wanted to be a major force in the [[entertainment industry]], EsselWorld always remained unprofitable, right up to its shutdown in 2023.<ref>{{Cite web|title=Entertainment Inc.: The story of Zee, one of India's first Hindi {{sic|satel|ite|nolink=y}} channels|url=https://www.indiatoday.in/magazine/cover-story/story/20170821-zee-hindi-tv-channel-subhash-chandra-1028931-2017-08-11|last=Singh|first=Suhani|date=21 August 2017|website=[[India Today]]|language=en|access-date=2020-02-26}}</ref><ref name=":2" /><ref name=":5">{{Cite web|title=Subhash Chandra makes television history with Zee TV began life running a flour-mill|url=https://www.indiatoday.in/magazine/profile/story/19940815-subhash-chandra-makes-television-history-with-zee-tv-began-life-running-a-flour-mill-809511-1994-08-15|last=Agarwal|first=Amit|date=12 July 2013|website=India Today|language=en|publication-date=15 August 1994|access-date=28 February 2020}}</ref><ref name=":19" />


=== 1992–Present ===
=== 1992–Present ===
As of 1992, Essel Group began to take a bigger interest and stake in the entertainment industry. That year it incorporated [[Zee Telefilms|Zee Telefilms Ltd]]<ref name=":22">{{Cite web|title=Zee Entertainment Enterprises History|url=https://economictimes.indiatimes.com/zee-entertainment-enterprises-ltd/infocompanyhistory/companyid-11769.cms|website=[[The Economic Times]]|access-date=2020-02-26}}</ref> and then looked for a place where Zee's content could be broadcast. Zee and [[Star TV (Asian TV networks)|Star TV]] entered into a joint venture called Asia Today Ltd so Zee could lease a [[transponder]] from satellite network [[AsiaSat]]. The transponder agreement was signed in April 1992, and [[Zee TV]] began broadcasting on 1 October.<ref name=":02">{{Cite web|title=There and back again: Subhash Chandra and the Zee TV story|url=https://www.livemint.com/Companies/DY6tYikVelf4mtIywJh6eN/There-and-back-again-Subhash-Chandra-and-the-Zee-TV-story.html|last=Bansal|first=Shuchi|last2=Sheikh|first2=Aminah|date=2012-09-29|website=[[Livemint]]|language=en|access-date=2020-02-26}}</ref><ref name=":5" /> It was India's  first [[Hindi Language]] satellite channel, and by 1994 it had captured 65% of the satellite market share. Zee TV remained the [[market leader]] until 2000.<ref name=":02" />
As of 1992, Essel Group began to take a bigger interest and stake in the entertainment industry. That year it incorporated [[Zee Telefilms|Zee Telefilms Ltd]]<ref name=":22">{{Cite web|title=Zee Entertainment Enterprises History|url=https://economictimes.indiatimes.com/zee-entertainment-enterprises-ltd/infocompanyhistory/companyid-11769.cms|website=[[The Economic Times]]|access-date=2020-02-26}}</ref> and then looked for a place where Zee's content could be broadcast. Zee and [[Star TV (Asian TV networks)|Star TV]] entered into a joint venture called Asia Today Ltd so Zee could lease a [[transponder]] from satellite network [[AsiaSat]]. The transponder agreement was signed in April 1992, and [[Zee TV]] began broadcasting on 1 October.<ref name=":02">{{Cite web|title=There and back again: Subhash Chandra and the Zee TV story|url=https://www.livemint.com/Companies/DY6tYikVelf4mtIywJh6eN/There-and-back-again-Subhash-Chandra-and-the-Zee-TV-story.html|last1=Bansal|first1=Shuchi|last2=Sheikh|first2=Aminah|date=2012-09-29|website=[[Livemint]]|language=en|access-date=2020-02-26}}</ref><ref name=":5" /> It was India's  first [[Hindi Language]] satellite channel, and by 1994 it had captured 65% of the satellite market share. Zee TV remained the [[market leader]] until 2000.<ref name=":02" />


In 1994,<ref>{{Cite web|title=Siti Networks|url=http://www.sitinetworks.com/|website=sitinetworks.com|language=en|access-date=2020-05-12}}</ref> Essel Group incorporated [[Siti Cable]] to be the [[Distribution (marketing)|distribution]] subsidiary of Zee Telefilms. Siti would provide [[cable service]] to customers to expand the reach of Zee's satellite channels.  
In 1994,<ref>{{Cite web|title=Siti Networks|url=http://www.sitinetworks.com/|website=sitinetworks.com|language=en|access-date=2020-05-12}}</ref> Essel Group incorporated [[Siti Cable]] to be the [[Distribution (marketing)|distribution]] subsidiary of Zee Telefilms. Siti would provide [[cable service]] to customers to expand the reach of Zee's satellite channels.  


The company continued to develop entertainment channels that successfully competed with [[Star India]], a Star TV subsidiary. In 1998, Essel/Zee turned to journalism with [[Zee News]], the first 24x7 [[Hindi Language]] news channel in India.<ref name=":3">{{Cite book|title=The Politics of Sport in South Asia|publisher=[[Routledge]]|year=2010|isbn=0-415-37168-6|editor-last=Chakraborty|editor-first=Subhas Ranjan|location=[[Oxfordshire]] & [[New York City|New York]]|pages=136|editor-last2=Chakrabarti|editor-first2=Shantanu|editor-last3=Chaterjee|editor-first3=Kingshuk}}</ref>
The company continued to develop entertainment channels that successfully competed with [[Star India]], a Star TV subsidiary. In 1998, Essel/Zee turned to journalism with [[Zee News]], the first 24x7 [[Hindi Language]] news channel in India.<ref name=":3">{{Cite book|title=The Politics of Sport in South Asia|publisher=[[Routledge]]|year=2010|isbn=978-0-415-37168-1|editor-last=Chakraborty|editor-first=Subhas Ranjan|location=[[Oxfordshire]] & [[New York City|New York]]|pages=136|editor-last2=Chakrabarti|editor-first2=Shantanu|editor-last3=Chaterjee|editor-first3=Kingshuk}}</ref>


In 2000, Zee Telefilms ended its partnership with Star TV by [[buyout|buying out]] its shares in Asia Today Ltd. Star India was now free to produce programmes in Hindi in an attempt to target local audiences and lure Zee's viewers away.  
In 2000, Zee Telefilms ended its partnership with Star TV by [[buyout|buying out]] its shares in Asia Today Ltd. Star India was now free to produce programmes in Hindi in an attempt to target local audiences and lure Zee's viewers away.  
Star India would not be Zee's only competition in the coming years. Both international and regional broadcasters ate away at Zee's market share, some substantially.<ref name=":02" /><ref>{{Cite book|last=Evens|first=Tom|title=The Political Economy of Television Sports Rights|last2=Isifidis|first2=Petros|last3=Smith|first3=Paul|publisher=[[Palgrave Macmillan]]|year=2013|isbn=978-1-137-27564-6|pages=151}}</ref> Zee News saw its market dominance broken with the emergence of competing channels such as [[Aaj Tak]], [[STAR News]], and [[NDTV]] (after its own separation from STAR News).<ref name=":3" /> Trying to get a competitive edge, Zee Telefilms entered into a joint venture with [[Turner Broadcasting System]] in 2002 so Zee's subscription packages could include Turner subscription channels such as [[Cartoon Network]], [[Pogo (TV channel)|Pogo]], and [[HBO]] alongside Zee Telefilm channels.<ref name=":6">{{Cite web|title=Zee Entertainment and Turner International to work independently|url=https://www.livemint.com/Companies/LRdhRBXbUDDw7BcbUzqLQM/Zee-Entertainment-and-Turner-International-to-work-independe.html|last=Jha|first=Lata|date=2018-03-26|website=[[Livemint]]|language=en|access-date=2020-05-16}}</ref> Essel also had high hopes for another market and more viewers when, through its subsidiary [[Dish TV]], it launched the first [[direct-to-home television in India]] on 2 October 2003.<ref name=":14">{{Cite news|last=Das Gupta|first=Surajeet|date=2014-01-01|title=10 years of DTH in India: The other electronics revolution|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/10-years-of-dth-in-india-the-other-electronics-revolution-114010100022_1.html}}</ref>
In 2006, Essel separated Zee Telefilms Ltd into three companies: Zee News Ltd, the group's news broadcasting subsidiary; Wire & Wireless India Ltd (later renamed to [[Siti Networks]]), the cable distribution subsidiary; and Zee Telefilms Ltd, which remained the group's direct consumer broadcasting arm.<ref name=":4">{{Cite news|date=2006-12-14|title=Zee Telefilms demerges into 3 firms|work=[[Business Standard]]|url=https://www.business-standard.com/article/companies/zee-telefilms-demerges-into-3-firms-106121401118_1.html}}</ref> (Just a year later, Zee Telefilms Ltd was renamed [[Zee Entertainment Enterprises|Zee Entertainment Enterprises Ltd]], and in 2013 Zee News Ltd became [[Zee Media Corporation|Zee Media Corporation Ltd]].)<ref name=":22"/><ref name=":11">{{Cite web|title=Zee Media Corporation History {{!}} Zee Media Corporation Information|url=https://economictimes.indiatimes.com/zee-media-corporation-ltd/infocompanyhistory/companyid-18879.cms|website=[[The Economic Times]]|access-date=2020-02-25}}</ref>
Zee Telefilms was trying at this time to enter Indian [[sports broadcasting]], but acquiring [[cricket]] broadcasting rights proved very difficult. In 2004, Zee briefly secured rights from the [[Board of Control for Cricket in India]] (BCCI), but the contract was canceled following a legal complaint over the conduct of the rights auction. In 2005, Zee went forward with launching the [[Zee Sports]] channel, and in the following year it bought [[Taj Television]], which operated the [[Ten Sports]] channels.
After years of failing to get cricket broadcasting rights, in 2007 the Zee firms funded their  own [[Indian Cricket League]] (ICL) and televised its games, but it never gained traction and was phased out after two seasons.<ref name=":7">{{Cite book|last=Evens|first=Tom|title=The Political Economy of Television Sports Rights|last2=Isifidis|first2=Petros|last3=Smith|first3=Paul|publisher=[[Palgrave Macmillan]]|year=2013|isbn=978-1-137-27564-6|pages=152–158}}</ref> Under its own name, Essel Group launched the [[Mumbai Football Club]] that year,<ref>{{Cite web|title=Mumbai Football Club launched|url=https://www.rediff.com/sports/2007/jun/28foot.htm|date=28 June 2017|website=[[Rediff]]}}</ref> which, though it outlasted Essel's investment in sport broadcasting, was defunct by 2019.<ref>{{Cite web|title=ISL: Pratik Chowdhary set to sign for Mumbai City FC {{!}} Goal.com|url=https://www.goal.com/en/news/isl-pratik-chowdhary-mumbai-city-fc/12rkzfthilqtczn2qmg3uunae|last=Parasar|first=Swapnaneel|date=2019-08-21|website=www.goal.com}}</ref>
In 2016, Zee decided to cut its losses and sold all its sport broadcasting assets to [[Sony]].<ref name=":8">{{Cite news|last=Malvania|first=Urvi|date=2016-09-01|title=ZEE sells Ten Sports to Sony for $385 mn|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/zee-sells-ten-sports-to-sony-for-385-mn-116083100446_1.html}}</ref> The joint distribution venture with Turner India ended in 2018.<ref name=":6" />
By 2019, Zee Entertainment Enterprises Ltd (ZEEL) was Essel Group's only profit-generating company; the group had accumulated an overall debt of around {{INRConvert|20000|c|lk=|year=2019}}.<ref name=":9">{{Cite web|title=Why Subash Chandra had to Resign as Chairman of Zee|url=https://www.newsclick.in/Subhash-Chandra-Zee-Chairman-Resings-Essel-Group|date=2019-11-27|website=NewsClick|language=en}}</ref> During the next year, Essel Group sold off part of its pledged shares in ZEEL for the repayment of some of its debt. [[Invesco Oppenheimer]] acquired an 11% stake in the company, while Essel Group's decreased to 22.37%.<ref name=":10">{{Cite web|title=Subhash Chandra may lose say in Zee Entertainment|url=https://www.livemint.com/companies/news/subhash-chandra-may-lose-say-in-zee-entertainment-11572892358237.html|last=Gopakumar|first=Gopika|last2=Laskar|first2=Anirudh|date=2019-11-05|website=[[Livemint]]|language=en}}</ref><ref>{{Cite web|title=Zee sells 11% stake to clear debt, still short of Rs 6,800 crore|url=https://theprint.in/economy/zee-sells-11-stake-to-clear-debt-still-short-of-rs-6800-crore/270844/|last=Sanjai|first=P. R.|date=2019-08-01|website=[[ThePrint]]|language=en-US|access-date=2020-05-15}}</ref>


== Assets ==
== Assets ==


=== Zee Media Corporation ===
=== Zee Media Corporation (4.34% stake) ===
{{Main articles|Zee Media Corporation}}
{{Main articles|Zee Media Corporation}}
{{Infobox company
{{Infobox company
| name = Zee Media Corporation Limited
| name = Zee Media Corporation Limited
| logo = File:Zee media logo.svg
| logo = Zee Media 2025.svg
| logo_size = 250px
| logo_size = 250px
| romanized_name =  
| romanized_name =  
Line 81: Line 72:
| traded_as = {{BSE|532794}}<br>{{NSE|ZEEMEDIA}}
| traded_as = {{BSE|532794}}<br>{{NSE|ZEEMEDIA}}
| industry = [[News Media]]
| industry = [[News Media]]
| hq_location = [[Mumbai]], [[Maharashtra]], [[India]]
| hq_location = [[Mumbai]], [[Maharashtra]], India
| num_locations_year = <!-- Year of num_locations data (if known) -->
| num_locations_year = <!-- Year of num_locations data (if known) -->
| area_served = <!-- or: | areas_served = -->
| area_served = <!-- or: | areas_served = -->
| key_people = Jawahar Goel ([[Editor-in-chief]])
| key_people = Jawahar Goel ([[Editor-in-chief]])
| brands = [[Zee News]], [[Daily News and Analysis]]
| brands = [[Zee News]], [[Daily News and Analysis]]
| revenue = {{INRConvert|640|c}}<ref name="fy01">{{cite web |title=Zee Media Share Price, Zee Media Stock Price, Zee Media Corporation Ltd. Stock Price, Share Price, Live BSE/NSE, Zee Media Corporation Ltd. Bids Offers. Buy/Sell Zee Media Corporation Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes |url=https://www.moneycontrol.com/india/stockpricequote/mediaentertainment/zeemediacorporation/ZN |website=www.moneycontrol.com |access-date=25 August 2021 |language=en}}</ref>
| revenue = {{INRConvert|640|c}}<ref name="fy01">{{cite web |title=Zee Media Share Price, Zee Media Stock Price, Zee Media Corporation Ltd. Stock Price, Share Price, Live BSE/NSE, Zee Media Corporation Ltd. Bids Offers. Buy/Sell Zee Media Corporation Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes |url=https://www.moneycontrol.com/india/stockpricequote/mediaentertainment/zeemediacorporation/ZN |website=www.moneycontrol.com |access-date=25 August 2021 |language=en |last1=Com |first1=Moneycontrol }}</ref>
| revenue_year = 2020
| revenue_year = 2020
| net_income = {{INRConvert|-273|c}}<ref name="fy01"/>
| net_income = {{INRConvert|-273|c}}<ref name="fy01"/>
Line 100: Line 91:
| num_employees = 1,719<ref name="fy01"/>
| num_employees = 1,719<ref name="fy01"/>
| num_employees_year = 2020
| num_employees_year = 2020
| parent = Essel Group
| parent =  
| module = <!-- Used to embed other templates -->
| module = <!-- Used to embed other templates -->
| website = {{URL|http://www.zeemedia.in}}
| website = {{URL|https://www.zeemedia.in/}}
| footnotes = <ref>{{Cite web|url=https://www.businesstoday.in/current/corporate/slowdown-blues-zee-media-profit-drop-73pc-to-rs-13-cr-in-fy19-operating-revenue-up-19pc/story/346605.html|title=Slowdown Blues: Zee Media profit drops 73% to Rs 13.17 crore in FY19|website=www.businesstoday.in}}</ref>
| footnotes = <ref>{{Cite web|url=https://www.businesstoday.in/current/corporate/slowdown-blues-zee-media-profit-drop-73pc-to-rs-13-cr-in-fy19-operating-revenue-up-19pc/story/346605.html|title=Slowdown Blues: Zee Media profit drops 73% to Rs 13.17 crore in FY19|website=www.businesstoday.in|date=14 May 2019 }}</ref>
}}
}}
The '''Zee Media Corporation Limited''' (abbreviated as '''ZMCL'''; formerly '''Zee News Limited''') is the [[news broadcasting]] company of the Essel Group.<ref name=":4" /> The company operates a constellation of news channels under the brand name of ''Zee'' including the English language news channel [[WION (TV channel)|WION]].<ref name=":12">{{Cite web|title=Zee Media Corporation|url=http://india.mom-rsf.org/en/owners/companies/detail/company/company/show/zee-media-corporation/|website=Media Ownership Monitor|publisher=[[Reporters without Borders]]}}</ref> The [[Zee News]] channel is the flagship channel of the company.<ref>{{Cite web|title=Director Reports, Company Results of Zee Media Corp|url=https://www.ndtv.com/business/stock/zee-media-corporation-ltd_zeenews/reports-directors-report|website=[[NDTV Profit]]|access-date=2020-02-25}}</ref> The Zee Media Corporation also owns and operates the [[ZEE5]] distribution platform.<ref>{{Cite web|title=Netflix vs Prime Video vs Disney+ Hotstar vs Zee5 vs AltBalaji vs others: Subscription plans detailed|url=https://indianexpress.com/article/technology/techook/netflix-amazon-prime-video-hotstar-disney-plus-zee5-plans-pricing-benefits-6394913/|date=2020-05-07|website=[[The Indian Express]]|language=en-US}}</ref>


It was involved in a joint venture with the [[Dainik Bhaskar]] Group for the publication of the [[Daily News & Analysis]] newspaper but the paper was discontinued in 2019 after suffering loses.<ref>{{Cite web|title=DNA goes out of print 14 years after launch — rise & sudden fall of a promising newspaper|url=https://theprint.in/india/dna-goes-out-of-print-14-years-after-launch-rise-fall-promising-newspaper/304050/|last=Dutta|first=Amrita Nayak|date=2019-10-11|website=[[ThePrint]]|language=en-US|access-date=2020-02-25}}</ref> The corporation also runs the Zee Institute of Media Arts (ZIMA)<ref name=":12" /> which is owned by Zee Learn, the schooling subsidiary of the Essel Group.<ref name=":13">{{Cite news|last=PM|first=Indulal|last2=Balakrishnan|first2=Reghu|date=2019-11-19|title=KKR-backed EuroKids in talks to buy Kidzee for Rs 1,200 crore|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/stocks/news/kkr-backed-eurokids-in-talks-to-buy-kidzee-for-rs-1200-crore/articleshow/72118456.cms}}</ref>
The '''Zee Media Corporation Limited''' (abbreviated as '''ZMCL'''; formerly '''Zee News Limited''') is the [[news broadcasting]] company of the Essel Group.<ref name=":4">{{Cite news|date=2006-12-14|title=Zee Telefilms demerges into 3 firms|work=[[Business Standard]]|url=https://www.business-standard.com/article/companies/zee-telefilms-demerges-into-3-firms-106121401118_1.html}}</ref> The company operates a constellation of news channels under the brand name of ''Zee'' including the English language news channel [[WION (TV channel)|WION]].<ref name=":12">{{Cite web|title=Zee Media Corporation|url=http://india.mom-rsf.org/en/owners/companies/detail/company/company/show/zee-media-corporation/|website=Media Ownership Monitor|publisher=[[Reporters without Borders]]}}</ref> The [[Zee News]] channel is the flagship channel of the company.<ref>{{Cite web|title=Director Reports, Company Results of Zee Media Corp|url=https://www.ndtv.com/business/stock/zee-media-corporation-ltd_zeenews/reports-directors-report|website=[[NDTV Profit]]|access-date=2020-02-25}}</ref> The Zee Media Corporation also owns and operates the [[ZEE5]] distribution platform.<ref>{{Cite web|title=Netflix vs Prime Video vs Disney+ Hotstar vs Zee5 vs AltBalaji vs others: Subscription plans detailed|url=https://indianexpress.com/article/technology/techook/netflix-amazon-prime-video-hotstar-disney-plus-zee5-plans-pricing-benefits-6394913/|date=2020-05-07|website=[[The Indian Express]]|language=en-US}}</ref>


The Zee Media Corporation was formerly a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises) and existed under the name of Zee News Limited. It was demerged as a separate company of the Essel Group in 2006.<ref name=":4" /> The Zee News Limited was renamed to Zee Media Corporation in 2013.<ref name=":11" />
It was involved in a joint venture with the [[Dainik Bhaskar]] Group for the publication of the [[Daily News & Analysis]] newspaper but the paper was discontinued in 2019 after suffering loses.<ref>{{Cite web|title=DNA goes out of print 14 years after launch — rise & sudden fall of a promising newspaper|url=https://theprint.in/india/dna-goes-out-of-print-14-years-after-launch-rise-fall-promising-newspaper/304050/|last=Dutta|first=Amrita Nayak|date=2019-10-11|website=[[ThePrint]]|language=en-US|access-date=2020-02-25}}</ref> The corporation also runs the Zee Institute of Media Arts (ZIMA)<ref name=":12" /> which is owned by Zee Learn, the schooling subsidiary of the Essel Group.<ref name=":13">{{Cite news|last1=PM|first1=Indulal|last2=Balakrishnan|first2=Reghu|date=2019-11-19|title=KKR-backed EuroKids in talks to buy Kidzee for Rs 1,200 crore|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/stocks/news/kkr-backed-eurokids-in-talks-to-buy-kidzee-for-rs-1200-crore/articleshow/72118456.cms}}</ref>
 
The Zee Media Corporation was formerly a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises) and existed under the name of Zee News Limited. It was demerged as a separate company of the Essel Group in 2006.<ref name=":4" /> The Zee News Limited was renamed to Zee Media Corporation in 2013.<ref name=":11">{{Cite web|title=Zee Media Corporation History {{!}} Zee Media Corporation Information|url=https://economictimes.indiatimes.com/zee-media-corporation-ltd/infocompanyhistory/companyid-18879.cms|website=[[The Economic Times]]|access-date=2020-02-25}}</ref>


==== Operated channels By Zee Media Corporation ====
==== Operated channels By Zee Media Corporation ====
{| class="wikitable" style="text-align:middle;"
{| class="wikitable" style="text-align:middle;"
|'''Channel'''
!Channel
|'''Launched'''
!Launched
|'''Language'''
!Language
|'''Category'''
!Category
|'''SD/HD availability'''
!SD/HD availability
|'''Notes'''
!Notes
|-
|-
|[[Zee News]]
|[[Zee News]]
|1999
|1999
| rowspan="3" |[[Hindi language|Hindi]]
| rowspan="3" |[[Hindi language|Hindi]]
| rowspan="15" |News     
| rowspan="14" |News     
| rowspan="15" |SD   
| rowspan="14" |SD   
|HD version coming soon
|HD version coming soon
|-
|-
|[[Zee Hindustan]]
|[[Zee Bharat]]
|2017
|2017
|
|
Line 158: Line 150:
|2017
|2017
|[[Gujarati language|Gujarati]]
|[[Gujarati language|Gujarati]]
|
|-
|[[Zee Odisha]]
|2014
|[[Odia language|Odia]]
|
|
|-
|-
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==== Defunct/Former channels ====
==== Defunct/Former channels ====
{| class="wikitable" style="text-align:middle;"
{| class="wikitable" style="text-align:middle;"
|'''Channel'''
!Channel
|'''Language'''    
!Language     
|'''Category'''      
!Category       
|'''SD/HD availability'''            
!SD/HD availability             
|'''Notes'''          
!Notes           
|-
|-
|[[Zee 24 Gantalu]]                             
|[[Zee 24 Gantalu]]                             
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|News                               
|News                               
|SD                                                 
|SD                                                 
|
|-
|Zee Odisha
|[[Odia language|Odia]]
|News
|SD
|
|
|}
|}
=== Zee Learn ===
{{main|Zee Learn}}
The '''Zee Learn Limited''' (abbreviated as '''ZLL'''; informally referred to as '''Zee Schools''') is the [[for-profit education]] company of the Essel Group.<ref>{{Cite web|title=Essel Group bets big on education|url=https://www.thehindubusinessline.com/todays-paper/tp-marketing/Essel-Group-bets-big-on-education/article20042725.ece|date=9 April 2010|website=[[Business Line]]|language=en}}</ref> Incorporated in 1958, the company did not begin operating until 2010.<ref>{{Cite web|title=Zee Learn History|url=https://economictimes.indiatimes.com/zee-learn-ltd/infocompanyhistory/companyid-32769.cms|website=[[The Economic Times]]}}</ref> Zee Learn founded the [[private school]] chains of Kidzee [[preschool]]s and Mount Litera Zee [[K–12]] schools. As of 2019, it had more than 1,900 Kidzee preschools and 120 Mount Litera Zee schools across India and three [[institutes of higher education]]; the Zee Institute of Media Arts (ZIMA), Zee Institute of Creative Arts (ZICA) and the Himgiri Zee University, Dehradun (HZU).<ref name=":13" /> The company also promotes and operates the [[ZeeQ]] channel of the Zee Entertainment Enterprises.<ref>{{cite web|title=Zee launches kids edutainment channel ZeeQ|url=http://www.business-standard.com/article/companies/zee-launches-kids-edutainment-channel-zeeq-112101500137_1.html|date=15 October 2012|work=[[Business Standard India]]}}</ref> The student [[coaching]] firm MT Educare became a subsidiary of Zee Learn following an acquisition in May 2018.<ref>{{Cite web|title=Zee Learn dismisses scepticism over MT Educare buy, says working to expand product, brand reach|url=https://www.moneycontrol.com/news/business/companies/zee-learn-dismisses-scepticism-over-mt-educare-buy-says-working-to-expand-product-brand-reach-5224071.html|last=Saraswathy|first=M|date=5 May 2020|website=[[Moneycontrol]]}}</ref>


=== Siti Networks (6.1% stake) ===
=== Siti Networks (6.1% stake) ===
Line 217: Line 205:
'''Siti Networks Limited''' (abbreviated as '''SNL'''; formerly '''Wire & Wireless India Limited'''; alternatively '''Siti Cable''') is the [[List of multiple-system operators|multi-system operator]] of the Essel Group.<ref>{{Cite web|title=Lenders invoke shares of Essel group firms Dish TV, Siti Cable, Zee Learn|url=https://www.outlookindia.com/newsscroll/lenders-invoke-shares-of-essel-group-firms-dish-tv-siti-cable-zee-learn/1799492|date=11 April 2020|website=[[Outlook India]]}}</ref> It provides [[Cable television|cable distribution services]] for household consumption. Established in 1994 as a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises),<ref name=":02" /> it was founded as a separate company of the Essel Group following the de-merger of the Zee Telefilms in 2006.<ref name=":4" />
'''Siti Networks Limited''' (abbreviated as '''SNL'''; formerly '''Wire & Wireless India Limited'''; alternatively '''Siti Cable''') is the [[List of multiple-system operators|multi-system operator]] of the Essel Group.<ref>{{Cite web|title=Lenders invoke shares of Essel group firms Dish TV, Siti Cable, Zee Learn|url=https://www.outlookindia.com/newsscroll/lenders-invoke-shares-of-essel-group-firms-dish-tv-siti-cable-zee-learn/1799492|date=11 April 2020|website=[[Outlook India]]}}</ref> It provides [[Cable television|cable distribution services]] for household consumption. Established in 1994 as a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises),<ref name=":02" /> it was founded as a separate company of the Essel Group following the de-merger of the Zee Telefilms in 2006.<ref name=":4" />


In October 2021, it was reported that promotes have just 6.1% stake left in [[Siti Networks]].<ref>{{Cite web|last=Kar|first=Ayushi|title=Unpaid dues: Operational creditors may drag Siti Networks to NCLT|url=https://www.thehindubusinessline.com/companies/unpaid-dues-operational-creditors-may-drag-siti-networks-to-nclt/article36971994.ece|access-date=2021-10-18|website=@businessline|language=en}}</ref>
In October 2021, it was reported that promotes have just 6.1% stake left in [[Siti Networks]].<ref>{{Cite web|last=Kar|first=Ayushi|title=Unpaid dues: Operational creditors may drag Siti Networks to NCLT|url=https://www.thehindubusinessline.com/companies/unpaid-dues-operational-creditors-may-drag-siti-networks-to-nclt/article36971994.ece|access-date=2021-10-18|website=@businessline|date=12 October 2021 |language=en}}</ref>


=== Dish TV (5.67% stake) ===
=== Dish TV (4.04% stake) ===
{{main|Dish TV}}
{{main|Dish TV}}


'''DishTV India Limited''' (abbreviated as '''DTIL''', stylised as '''dishtv''') is a [[Direct to Home]] (DTH) television provider company which provides DTH service through multiple brands such as Dish TV, d2h and [[Zing Digital]].<ref name=":16">{{Cite web|title=Dish TV India partners with MX Player|url=https://www.financialexpress.com/brandwagon/dish-tv-india-partners-with-mx-player/1941321/|date=2020-04-27|website=[[The Financial Express (India)|The Financial Express]]|language=en-US}}</ref> Dish TV was launched on 2 October 2003 as the DTH provider of the Essel Group and was merged with [[Videocon D2H]] on 22 March 2018.<ref name=":14" /><ref name=":17">{{cite web|title=Dish TV India, Videocon d2h merger completed|url=https://economictimes.indiatimes.com/industry/media/entertainment/media/dish-tv-india-videocon-d2h-merger-completed/articleshow/63414778.cms|date=22 March 2018|website=The Economic Times}}</ref> The Essel Group maintains a 55% stake in the company while the [[Videocon Group]] maintains a 45% stake.<ref name=":15">{{Cite web|title=Dish TV and Videocon d2h merger gets CCI approval|url=https://www.livemint.com/Companies/FULbZN0PRVxgPcBVeI0nEN/Dish-TV-and-Videocond2h-merger-gets-CCI-approval.html|last=Ahluwalia|first=Harveen|date=2017-05-10|website=[[Livemint]]|language=en}}</ref> It became the largest DTH provider in India after the merger.<ref name=":17" /> The company is also partnered with [[The Times Group]] owned [[MX Player]] for [[streaming service]]s.<ref name=":16" />
'''DishTV India Limited''' (abbreviated as '''DTIL''', stylised as '''dishtv''') is a [[Direct to Home]] (DTH) television provider company which provides DTH service through multiple brands such as Dish TV, d2h and [[Zing Digital]].<ref name=":16">{{Cite web|title=Dish TV India partners with MX Player|url=https://www.financialexpress.com/brandwagon/dish-tv-india-partners-with-mx-player/1941321/|date=2020-04-27|website=[[The Financial Express (India)|The Financial Express]]|language=en-US}}</ref> Dish TV was launched on 2 October 2003 as the DTH provider of the Essel Group and was merged with [[Videocon D2H]] on 22 March 2018.<ref name=":14">{{Cite news|last=Das Gupta|first=Surajeet|date=2014-01-01|title=10 years of DTH in India: The other electronics revolution|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/10-years-of-dth-in-india-the-other-electronics-revolution-114010100022_1.html}}</ref><ref name=":17">{{cite web|title=Dish TV India, Videocon d2h merger completed|url=https://economictimes.indiatimes.com/industry/media/entertainment/media/dish-tv-india-videocon-d2h-merger-completed/articleshow/63414778.cms|date=22 March 2018|website=The Economic Times}}</ref> The Essel Group maintains a 55% stake in the company while the [[Videocon Group]] maintains a 45% stake.<ref name=":15">{{Cite web|title=Dish TV and Videocon d2h merger gets CCI approval|url=https://www.livemint.com/Companies/FULbZN0PRVxgPcBVeI0nEN/Dish-TV-and-Videocond2h-merger-gets-CCI-approval.html|last=Ahluwalia|first=Harveen|date=2017-05-10|website=[[Livemint]]|language=en}}</ref> It became the largest DTH provider in India after the merger.<ref name=":17" /> The company is also partnered with [[The Times Group]] owned [[MX Player]] for [[streaming service]]s.<ref name=":16" />


In May 2021, it was reported that promoters' shareholding in [[Dish TV]] has fallen to just 5.67% and [[Yes Bank]] has become biggest stock owner of [[Dish TV]].<ref>{{Cite news|title=Dish TV promoters’ stake falls to 5.67%|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/dish-tv-promoters-stake-falls-to-5-67/articleshow/82749888.cms?from=mdr|access-date=2021-10-10}}</ref>
In May 2021, it was reported that promoters' shareholding in [[Dish TV]] has fallen to just 5.67% and [[Yes Bank]] has become biggest stock owner of [[Dish TV]].<ref>{{Cite news|title=Dish TV promoters' stake falls to 5.67%|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/dish-tv-promoters-stake-falls-to-5-67/articleshow/82749888.cms?from=mdr|access-date=2021-10-10}}</ref> The shareholding further fell to 4.04% by 2023.


=== Zee Entertainment Enterprises (3.99% stake) ===
=== Zee Entertainment Enterprises (3.99% stake) ===
{{main|Zee Entertainment Enterprises}}
{{main|Zee Entertainment Enterprises}}


The '''Zee Entertainment Enterprises Limited''' (abbreviated as '''ZEEL'''; formerly '''Zee Telefilms Limited''') is a media and [[entertainment]] broadcasting company.<ref>{{Cite news|date=2020-04-23|title=ZEEL jumps after foreign fund buys stake|work=[[Business Standard India]]|url=https://www.business-standard.com/article/news-cm/zeel-jumps-after-foreign-fund-buys-stake-120042300468_1.html}}</ref> It was the primary profit generating company of the Essel Group.<ref name=":9" /> It owns a constellation of [[entertainment]] channels under the brand name of ''Zee'' and the channels under the brands of ''Living Entertainment'', ''Big'' and "&".<ref name="sister brands">List of sources:
The '''Zee Entertainment Enterprises Limited''' (abbreviated as '''ZEEL'''; formerly '''Zee Telefilms Limited''') is a media and [[entertainment]] broadcasting company.<ref>{{Cite news|date=2020-04-23|title=ZEEL jumps after foreign fund buys stake|work=[[Business Standard India]]|url=https://www.business-standard.com/article/news-cm/zeel-jumps-after-foreign-fund-buys-stake-120042300468_1.html}}</ref> It was the primary profit generating company of the Essel Group.<ref name=":9">{{Cite web|title=Why Subash Chandra had to Resign as Chairman of Zee|url=https://www.newsclick.in/Subhash-Chandra-Zee-Chairman-Resings-Essel-Group|date=2019-11-27|website=NewsClick|language=en}}</ref> It owns a constellation of [[entertainment]] channels under the brand name of ''Zee'' and the channels under the brands of ''Living Entertainment'', ''Big'' and "&".<ref name="sister brands">List of sources:


*{{Cite web|title=Zee to launch movie channel under new brand ‘&amp; pictures’|url=https://www.thehindubusinessline.com/companies/Zee-to-launch-movie-channel-under-new-brand-%E2%80%98amp-pictures%E2%80%99/article20646185.ece|date=8 August 2013|website=[[Business Line]]|language=en|access-date=2020-02-26}}
*{{Cite web|title=Zee to launch movie channel under new brand '& pictures'|url=https://www.thehindubusinessline.com/companies/Zee-to-launch-movie-channel-under-new-brand-%E2%80%98amp-pictures%E2%80%99/article20646185.ece|date=8 August 2013|website=[[Business Line]]|language=en|access-date=2020-02-26}}
*{{Cite web|title=ZEE Entertainment launches new Hindi General Entertainment Channel ‘&TV’ - Times of India|url=https://timesofindia.indiatimes.com/tv/news/hindi/ZEE-Entertainment-launches-new-Hindi-General-Entertainment-Channel-TV/articleshow/45974989.cms|date=22 January 2015|website=[[The Times of India]]|language=en|access-date=2020-02-26}}
*{{Cite web|title=ZEE Entertainment launches new Hindi General Entertainment Channel '&TV' - Times of India|url=https://timesofindia.indiatimes.com/tv/news/hindi/ZEE-Entertainment-launches-new-Hindi-General-Entertainment-Channel-TV/articleshow/45974989.cms|date=22 January 2015|website=[[The Times of India]]|language=en|access-date=2020-02-26}}
*{{Cite news|last=Malvania|first=Urvi|date=2015-09-03|title=Essel launches Living Foodz|work=[[Business Standard]]|url=https://www.business-standard.com/article/management/essel-launches-living-foodz-115090301284_1.html|access-date=2020-02-26}}
*{{Cite news|last=Malvania|first=Urvi|date=2015-09-03|title=Essel launches Living Foodz|work=[[Business Standard]]|url=https://www.business-standard.com/article/management/essel-launches-living-foodz-115090301284_1.html|access-date=2020-02-26}}
*{{Cite web|title=ZEE Acquires Anil Ambani-led Regional Channels Big Magic, Big Ganga|url=http://businessworld.in/article/ZEE-Acquires-Anil-Ambani-led-Regional-Channels-Big-Magic-Big-Ganga/23-11-2016-108712|last=Hasan|first=Abid|date=23 November 2016|website=[[Businessworld]]|language=en|access-date=2020-02-27}}</ref> The Zee Entertainment Enterprise also owns and operates the [[record label]] of [[Zee Music Company]] and the [[film studio]] of [[Zee Studios]].<ref name="others">List of sources:
*{{Cite web|title=ZEE Acquires Anil Ambani-led Regional Channels Big Magic, Big Ganga|url=http://businessworld.in/article/ZEE-Acquires-Anil-Ambani-led-Regional-Channels-Big-Magic-Big-Ganga/23-11-2016-108712|last=Hasan|first=Abid|date=23 November 2016|website=[[Businessworld]]|language=en|access-date=2020-02-27}}</ref> The Zee Entertainment Enterprise also owns and operates the [[record label]] of [[Zee Music Company]] and the [[film studio]] of [[Zee Studios]].<ref name="others">List of sources:
Line 243: Line 231:
The company was incorporated in 1992 as the Zee Telefilms Limited, the Essel Group's venture into [[mass media]]. It launched its flagship television channel, Zee TV on 1 October 1992.<ref name=":5" /> In 2006, two subsidiaries of the company were de-merged from the Zee Telefilms Ltd and segregated as distinct ententes under the Essel Group. Zee News Ltd (later renamed to Zee Media Corporation) became the news broadcasting subsidiary of the group while Wire & Wireless India Limited (later renamed to [[Siti Networks]]) became the [[Cable television|cable distribution]] company of the group. Following the segregation, Zee Telefilms was rebranded as to Zee Entertainment Enterprises.<ref name=":4" />
The company was incorporated in 1992 as the Zee Telefilms Limited, the Essel Group's venture into [[mass media]]. It launched its flagship television channel, Zee TV on 1 October 1992.<ref name=":5" /> In 2006, two subsidiaries of the company were de-merged from the Zee Telefilms Ltd and segregated as distinct ententes under the Essel Group. Zee News Ltd (later renamed to Zee Media Corporation) became the news broadcasting subsidiary of the group while Wire & Wireless India Limited (later renamed to [[Siti Networks]]) became the [[Cable television|cable distribution]] company of the group. Following the segregation, Zee Telefilms was rebranded as to Zee Entertainment Enterprises.<ref name=":4" />


Between 2002–2018, the Zee Entertainment Enterprises was involved a joint venture with american distribution brand [[Turner India]] for the distribution of channels in India, [[Nepal]] and [[Bhutan]].<ref>{{Cite web|title=Turner International appoints IndiaCast Media as its distribution agent|url=https://www.livemint.com/Consumer/D1xzMQSdejCUExSXGbbUdL/Turner-International-appoints-IndiaCast-Media-as-its-distrib.html|last=Jha|first=Lata|date=2018-03-27|website=[[Livemint]]|language=en}}</ref> The company was involved in sports broadcasting between 2004–2016. It launched its own private cricket league, the [[Indian Cricket League]] which held two seasons between 2007–2009 but the league failed to gain traction.<ref name=":7" /> In 2016, it sold off all its sports broadcasting assets in the venture to [[Sony]].<ref name=":8" />
Between 2002–2018, the Zee Entertainment Enterprises was involved a joint venture with american distribution brand [[Turner India]] for the distribution of channels in India, [[Nepal]] and [[Bhutan]].<ref>{{Cite web|title=Turner International appoints IndiaCast Media as its distribution agent|url=https://www.livemint.com/Consumer/D1xzMQSdejCUExSXGbbUdL/Turner-International-appoints-IndiaCast-Media-as-its-distrib.html|last=Jha|first=Lata|date=2018-03-27|website=[[Livemint]]|language=en}}</ref> The company was involved in sports broadcasting between 2004–2016. It launched its own private cricket league, the [[Indian Cricket League]] which held two seasons between 2007–2009 but the league failed to gain traction.<ref name=":7">{{Cite book|last1=Evens|first1=Tom|title=The Political Economy of Television Sports Rights|last2=Isifidis|first2=Petros|last3=Smith|first3=Paul|publisher=[[Palgrave Macmillan]]|year=2013|isbn=978-1-137-27564-6|pages=152–158}}</ref> In 2016, it sold off all its sports broadcasting assets in the venture to [[Sony]].<ref name=":8">{{Cite news|last=Malvania|first=Urvi|date=2016-09-01|title=ZEE sells Ten Sports to Sony for $385 mn|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/zee-sells-ten-sports-to-sony-for-385-mn-116083100446_1.html}}</ref>


As of 2020, the company has suffered successive reduction in revenue and has been subjected to investigative probes by the [[Enforcement Directorate]].<ref>{{Cite news|last=Pinto|first=Viveat Susan|date=2020-03-18|title=Zee Entertainment stock falls 20% a day after ED summons Subhash Chandra|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/zee-entertainment-stock-falls-20-a-day-after-ed-summons-subhash-chandra-120031800032_1.html}}</ref><ref>{{Cite web|title=Corporate Governance: Corp affairs ministry probes Zee Entertainment’s books|url=https://www.financialexpress.com/industry/corporate-governance-corp-affairs-ministry-probes-zee-entertainments-books/1857906/|date=2020-02-06|website=[[The Financial Express (India)|The Financial Express]]|language=en-US}}</ref> The Essel Group has divested a part of its shares in the company for the repayment of pending dues, reducing its stake in the company to 22.37% with much of the remaining stake still pledged as collateral to the remaining dues.<ref name=":10" />
As of 2020, the company has suffered successive reduction in revenue and has been subjected to investigative probes by the [[Enforcement Directorate]].<ref>{{Cite news|last=Pinto|first=Viveat Susan|date=2020-03-18|title=Zee Entertainment stock falls 20% a day after ED summons Subhash Chandra|work=[[Business Standard India]]|url=https://www.business-standard.com/article/companies/zee-entertainment-stock-falls-20-a-day-after-ed-summons-subhash-chandra-120031800032_1.html}}</ref><ref>{{Cite web|title=Corporate Governance: Corp affairs ministry probes Zee Entertainment's books|url=https://www.financialexpress.com/industry/corporate-governance-corp-affairs-ministry-probes-zee-entertainments-books/1857906/|date=2020-02-06|website=[[The Financial Express (India)|The Financial Express]]|language=en-US}}</ref> The Essel Group has divested a part of its shares in the company for the repayment of pending dues, reducing its stake in the company to 22.37% with much of the remaining stake still pledged as collateral to the remaining dues.<ref name=":10" />


In September 2021 ZEEL Announced merger with [[Sony Pictures Networks India]]
In September 2021 ZEEL Announced merger with [[Sony Pictures Networks India]].


In October 2021, it was reported that founder [[Subhash Chandra]] and his son, [[Punit Goenka]] together own just 3.99% stake of [[Zee Entertainment]].<ref>{{Cite web|last=Sood|first=Varun|date=2021-09-30|title=Tribunal orders Zee to announce EGM by Sunday|url=https://www.livemint.com/companies/news/tribunal-orders-zee-to-announce-egm-by-sunday-11633025364422.html|access-date=2021-10-10|website=mint|language=en}}</ref>
In October 2021, it was reported that founder [[Subhash Chandra]] and his son, [[Punit Goenka]] together own just 3.99% stake of [[Zee Entertainment]].<ref>{{Cite web|last=Sood|first=Varun|date=2021-09-30|title=Tribunal orders Zee to announce EGM by Sunday|url=https://www.livemint.com/companies/news/tribunal-orders-zee-to-announce-egm-by-sunday-11633025364422.html|access-date=2021-10-10|website=mint|language=en}}</ref>


On December 22 board of [[Zee Entertainment Enterprises]] approved the merger with [[Sony Pictures Networks India]]. and now pending for government approval.  
On 22 December the board of [[Zee Entertainment Enterprises]] approved the merger with [[Sony Pictures Networks India]]. and now pending for government approval.
 
=== Zee Learn (15.05% stake) ===
 
The '''Zee Learn Limited''' (abbreviated as '''ZLL'''; informally referred to as '''Zee Schools''') is the [[for-profit education]] company of the Essel Group.<ref>{{Cite web |date=9 April 2010 |title=Essel Group bets big on education |url=https://www.thehindubusinessline.com/todays-paper/tp-marketing/Essel-Group-bets-big-on-education/article20042725.ece |website=[[Business Line]] |language=en}}</ref> Incorporated in 1958, the company did not begin operating until 2010.<ref>{{Cite web |title=Zee Learn History |url=https://economictimes.indiatimes.com/zee-learn-ltd/infocompanyhistory/companyid-32769.cms |website=[[The Economic Times]]}}</ref> Zee Learn founded the [[private school]] chains of Kidzee [[preschool]]s and Mount Litera Zee [[K–12]] schools. As of 2019, it had more than 1,900 Kidzee preschools and 120 Mount Litera Zee schools across India and three [[institutes of higher education]]; the Zee Institute of Media Arts (ZIMA), Zee Institute of Creative Arts (ZICA) and the Himgiri Zee University, Dehradun (HZU).<ref name=":13" /> The company also promoted and operated he [[ZeeQ]] channel of the Zee Entertainment Enterprises.<ref>{{cite web |date=15 October 2012 |title=Zee launches kids edutainment channel ZeeQ |url=http://www.business-standard.com/article/companies/zee-launches-kids-edutainment-channel-zeeq-112101500137_1.html |work=[[Business Standard India]]}}</ref> The student [[coaching]] firm MT Educare became a subsidiary of Zee Learn following an acquisition in May 2018.<ref>{{Cite web |last=Saraswathy |first=M |date=5 May 2020 |title=Zee Learn dismisses scepticism over MT Educare buy, says working to expand product, brand reach |url=https://www.moneycontrol.com/news/business/companies/zee-learn-dismisses-scepticism-over-mt-educare-buy-says-working-to-expand-product-brand-reach-5224071.html |website=[[Moneycontrol]]}}</ref> It has been inactive since 2020 and has become a direct subsidiary of Zee Entertainment Enterprises despite having a separate stock listing.


=== Others ===
=== Others ===
Alongside its major subsidiaries, the Essel Group also has investments in [[Motion picture|movie screening]]. [[real estate]] and [[infrastructure]] through the companies of E-City Ventures, Suncity Projects and Essel Infraprojects, respectively.<ref name="other subsidiaries">List of sources:
The group owned and operated [[amusement park]]s of "Essel World" and "Water Kingdom" in [[Mumbai]].<ref>{{Cite news|last=Menon|first=Shailesh|date=2018-02-06|title=Meet the first families of the growing theme and amusement parks segment in India|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/news/company/corporate-trends/meet-the-first-families-of-the-growing-theme-and-amusement-parks-segment-in-india/articleshow/62795406.cms}}</ref> Essel World was one of the first amusement parks in India; it was shut down in April 2023.<ref name=":19">{{Cite web |date=2023-05-04 |title=Mumbai: Essel World Shut Down? Heartbroken 90s, Early 2000s Kids Take Nostalgia Trip on Twitter |url=https://www.timesnownews.com/mumbai/mumbai-essel-world-shut-down-heartbroken-90s-early-2000s-kids-take-nostalgia-trip-on-twitter-article-99986954 |access-date=2023-05-07 |website=TimesNow |language=en}}</ref>
 
The [[Shirpur Gold Refinery]] uses the brand name of ''Zee Gold'' in a joint venture with the Essel Group for the marketing of the refinery's products; the Essel Group gets royalties of 20% on the net profit for the brand usage.<ref>{{Cite news|title=Shirpur Gold Refinery Ltd.|work=[[Business Standard India]]|url=https://www.business-standard.com/company/shirpur-gold-18695/information/company-history}}</ref> The Refinery recently went public diluting Essel Group's stake to 43.66%.<ref>{{Cite web |title=Shirpur Gold Share Price, Shirpur Gold Stock Price, Shirpur Gold Refinery Ltd. Stock Price, Share Price, Live BSE/NSE, Shirpur Gold Refinery Ltd. Bids Offers. Buy/Sell Shirpur Gold Refinery Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes |url=https://www.moneycontrol.com/india/stockpricequote/miningminerals/shirpurgoldrefinery/AGR |access-date=2023-05-07 |website=www.moneycontrol.com |language=en |last1=Com |first1=Moneycontrol }}</ref>


*{{Cite web|date=8 May 2014|title=Essel Group's E-City Ventures plans to add 350 screens in FY15|url=https://www.business-standard.com/article/pti-stories/essel-group-s-e-city-ventures-plans-to-add-350-screens-in-fy15-114050801202_1.html|website=[[Business Standard India]]|language=en-US}}
The group also operated the online [[lottery]] Playwin in [[Sikkim]].<ref>{{Cite web|last=Shangderpa|first=Pema Leyda|date=22 August 2003|title=Appeal in SC for Playwin|url=https://www.telegraphindia.com/west-bengal/appeal-in-sc-for-playwin/cid/808811|website=[[The Telegraph (Calcutta)]]|language=en}}</ref> The lottery however ceased operation in 2020, following the sale of assets by the Essel Group for the repayment of pending debts.<ref>{{Cite news|date=2019-09-07|title=Essel Group repays half the debt to MFs & NBFCs|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/stocks/news/essel-repays-half-the-debt-to-mfs-nbfcs/articleshow/71020215.cms}}</ref>  
*{{Cite web|date=7 May 2020|title=Welspun Enterprises gains on acquiring BOT project from Essel Group|url=https://www.business-standard.com/article/news-cm/welspun-enterprises-gains-on-acquiring-bot-project-from-essel-group-120050700742_1.html|website=[[Business Standard India]]|language=en}}
*{{cite news|date=9 November 2015|title=Essel Group to build 2 lakh affordable homes by 2022|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/wealth/personal-finance-news/essel-group-to-build-2-lakh-affordable-homes-by-2022/articleshow/49724557.cms?from=mdr}}</ref> The group owns and operates the [[amusement park]]s of "Essel World" and "Water Kingdom" in [[Mumbai]].<ref>{{Cite news|last=Menon|first=Shailesh|date=2018-02-06|title=Meet the first families of the growing theme and amusement parks segment in India|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/news/company/corporate-trends/meet-the-first-families-of-the-growing-theme-and-amusement-parks-segment-in-india/articleshow/62795406.cms}}</ref> The [[Shirpur Gold Refinery]] uses the brand name of ''Zee Gold'' in a joint venture with the Essel Group for the marketing of the refinery's products; the Essel Group gets royalties of 20% on the net profit for the brand usage.<ref>{{Cite news|title=Shirpur Gold Refinery Ltd.|work=[[Business Standard India]]|url=https://www.business-standard.com/company/shirpur-gold-18695/information/company-history}}</ref> The group also operates the online [[lottery]] [[Playwin]] in [[Sikkim]].<ref>{{Cite web|last=Shangderpa|first=Pema Leyda|date=22 August 2003|title=Appeal in SC for Playwin|url=https://www.telegraphindia.com/states/west-bengal/appeal-in-sc-for-playwin/cid/808811|website=[[The Telegraph (Calcutta)]]|language=en}}</ref> The lottery however ceased operation in 2020, following the sale of assets by the Essel Group for the repayment of pending debts.<ref>{{Cite news|date=2019-09-07|title=Essel Group repays half the debt to MFs & NBFCs|work=[[The Economic Times]]|url=https://economictimes.indiatimes.com/markets/stocks/news/essel-repays-half-the-debt-to-mfs-nbfcs/articleshow/71020215.cms}}</ref>


== Divested assets ==
Essel Group had founded and operated [[Essel Propack]] until sale of their stake in 2019.


=== Essel Propack ===
Between 2020 and 2021, Essel Group sold Essel Finance's MSME loan book to [[Adani Group|Adani Capital]],<ref>{{cite news |title=Essel Group sells MSME loan book to Adani Capital |url=https://timesofindia.indiatimes.com/essel-group-sells-msme-loan-book-to-adani-capital/articleshow/73525605.cms |access-date=24 November 2024 |work=The Times of India |date=22 January 2020}}</ref> and Essel Mutual Fund to [[Navi Group]].<ref>{{cite news |last1=Pillai |first1=Anvita |title=Sachin Bansal's Navi Mutual Fund Files Papers For Electric Vehicle Fund With SEBI |url=https://inc42.com/buzz/sachin-bansals-navi-mutual-fund-files-papers-for-ev-fund-with-sebi/ |access-date=24 November 2024 |work=Inc42 Media |date=18 September 2021 |language=en}}</ref>
{{main|Essel Propack}}
The '''Essel Propack Limited''' (abbreviated as '''EPL''') was the [[Tube (packaging)|tube packaging]] company of the Essel Group headquartered in [[Mumbai]], [[India]].<ref>{{Cite news|last=Pal|first=Abir|date=7 July 2002|title=The Big Squeeze|work=[[Business Today (India)|Business Today]]|url=http://archives.digitaltoday.in/businesstoday/20020707/features3.html}}</ref> Founded in 1982, the Essel Packaging Limited began commercial production between April–June 1983.<ref name=":0" /> The company was merged with the [[Switzerland|Swiss]] tube packaging company Propack in 2000. The Essel Group retained a 34% equity stake in the company while Propack held a 22% equity stake.<ref>{{Cite web|date=16 November 2012|title=Essel Packaging announces merger with Swiss major|url=http://expressindia.indianexpress.com/news/fe/daily/20001116/fco16043.html#selection-459.1-461.1|url-status=dead|archive-url=https://archive.today/20140901053438/http://expressindia.indianexpress.com/news/fe/daily/20001116/fco16043.html#selection-459.1-461.1|archive-date=1 September 2014|website=[[The Indian Express]]|access-date=18 May 2020}}</ref><ref>{{Cite news|date=16 November 2000|title=Essel Packaging in merger deal with Propack|work=[[The Hindu]]|url=https://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/essel-packaging-in-merger-deal-with-propack/article28054609.ece|url-status=live|archive-url=https://web.archive.org/web/20200518081159/https://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/essel-packaging-in-merger-deal-with-propack/article28054609.ece|archive-date=18 May 2020}}</ref> As of 2009, the company had a global market share of 33% in the [[toothpaste tube]] packaging industry.<ref>{{Cite book|last=Simon|first=Hermann|title=[[Hidden Champions]] of the Twenty-First Century|publisher=[[Springer Science+Business Media|Springer]]|year=2009|isbn=978-0-387-98147-5|location=[[Bonn, Germany]]|pages=9|author-link=Hermann Simon (manager)}}</ref> In 2019, [[The Blackstone Group]] group acquired a majority stake in the company for US$310 million during the Essel Group's assets sale for the repayment of debts.<ref name=":18" />


== Controversy ==
== Controversy ==


=== Zee Entertainment Enterprises Limited (Dispute between Promoters) ===
=== Zee Entertainment Enterprises Limited (Dispute between Promoters) ===
On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of the main demands was the removal of [[Punit Goenka]], son of the Zee Network founder.<ref>{{Cite web|title=Zee Entertainment's Largest Shareholders Call EGM Seeking Removal Of Punit Goenka From Board|url=https://www.moneycontrol.com/news/business/corporate-action/zees-largest-shareholders-calls-for-egm-seeking-removal-of-punit-goenka-from-board-7463111.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref> However the Zee board rejected the demand from Invesco to convene an extraordinary general meeting.<ref>{{Cite web|title=Zee Says Will Not Hold EGM As Demanded By Shareholder Invesco|url=https://www.moneycontrol.com/news/business/zee-says-will-not-hold-egm-as-demanded-by-shareholder-invesco-7531081.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref> Invesco Developing Market Funds Moves to a National Company Law Tribunal (NCLT) and the [[Bombay High Court]], seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.<ref>{{Cite web|title=Zee-Invesco NCLT Hearing: Invesco Says NCLT Must Make A Mandatory Order To Call EGM|url=https://www.moneycontrol.com/news/business/zee-invesco-nclt-hearing-not-concerned-about-outcome-of-egm-but-about-egm-being-called-says-invesco-7541121.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref><ref>{{Cite news|last=Chatterjee|first=Sudipto Dey & Dev|date=2021-10-04|title=Prolonged battle ahead as ZEE Entertainment takes Invesco to court|work=Business Standard India|url=https://www.business-standard.com/article/companies/prolonged-battle-ahead-as-zee-entertainment-takes-invesco-to-court-121100400032_1.html|access-date=2021-10-21}}</ref>
On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of the main demands was the removal of [[Punit Goenka]], son of the Zee Network founder.<ref>{{Cite web|title=Zee Entertainment's Largest Shareholders Call EGM Seeking Removal Of Punit Goenka From Board|url=https://www.moneycontrol.com/news/business/corporate-action/zees-largest-shareholders-calls-for-egm-seeking-removal-of-punit-goenka-from-board-7463111.html|access-date=2021-10-21|website=Moneycontrol|date=13 September 2021 |language=en}}</ref> However the Zee board rejected the demand from Invesco to convene an extraordinary general meeting.<ref>{{Cite web|title=Zee Says Will Not Hold EGM As Demanded By Shareholder Invesco|url=https://www.moneycontrol.com/news/business/zee-says-will-not-hold-egm-as-demanded-by-shareholder-invesco-7531081.html|access-date=2021-10-21|website=Moneycontrol|date=October 2021 |language=en}}</ref> Invesco Developing Market Funds Moves to a National Company Law Tribunal (NCLT) and the [[Bombay High Court]], seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.<ref>{{Cite web|title=Zee-Invesco NCLT Hearing: Invesco Says NCLT Must Make A Mandatory Order To Call EGM|url=https://www.moneycontrol.com/news/business/zee-invesco-nclt-hearing-not-concerned-about-outcome-of-egm-but-about-egm-being-called-says-invesco-7541121.html|access-date=2021-10-21|website=Moneycontrol|date=4 October 2021 |language=en}}</ref><ref>{{Cite news|last=Chatterjee|first=Sudipto Dey & Dev|date=2021-10-04|title=Prolonged battle ahead as ZEE Entertainment takes Invesco to court|work=Business Standard India|url=https://www.business-standard.com/article/companies/prolonged-battle-ahead-as-zee-entertainment-takes-invesco-to-court-121100400032_1.html|access-date=2021-10-21}}</ref>


OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it is a classic case of [[Forum shopping]].
OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it is a classic case of [[Forum shopping]].


On 11 October 2021, [[Invesco]]<ref>{{Cite web|title=Invesco Shoots Letter To Zee Shareholders, Seeks Better Governance, Says Founding Family Benefiting At The Cost Of Others|url=https://www.moneycontrol.com/news/business/companies/disappointed-that-leadership-of-zee-has-resorted-to-reckless-public-relations-campaign-invesco-mf-to-shareholders-7569571.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref> wrote an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. They had also tried to merge Zee with some other Indian company in early 2021, but the Zee board rejected it.
On 11 October 2021, [[Invesco]]<ref>{{Cite web|title=Invesco Shoots Letter To Zee Shareholders, Seeks Better Governance, Says Founding Family Benefiting At The Cost Of Others|url=https://www.moneycontrol.com/news/business/companies/disappointed-that-leadership-of-zee-has-resorted-to-reckless-public-relations-campaign-invesco-mf-to-shareholders-7569571.html|access-date=2021-10-21|website=Moneycontrol|date=11 October 2021 |language=en}}</ref> wrote an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. They had also tried to merge Zee with some other Indian company in early 2021, but the Zee board rejected it.


The Zee Board replied to Invesco's open letter saying they didn't care about the company, and  Invesco is not motivated by concerns related to any corporate governance issue,<ref>{{Cite web|title=Zee Hits Back At Invesco's Open Letter, Rebuts Objections On Sony Merger Deal|url=https://www.moneycontrol.com/news/business/companies/zee-hits-back-at-invescos-open-letter-rebuts-objections-on-sony-merger-deal-7579641.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref> but "by the events that transpired during February-April 2021 pointing Invesco purposed deal with [[Reliance Industries]].<ref>{{Cite web|title=Invesco Proposed Merger With Large Indian Group In Feb 2021, Wanted Punit Goenka To Lead: Zee|url=https://www.moneycontrol.com/news/business/companies/invesco-proposed-merger-with-large-indian-group-in-feb-2021-wanted-punit-goenka-to-lead-zee-7575661.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref>
The Zee Board replied to Invesco's open letter saying they didn't care about the company, and  Invesco is not motivated by concerns related to any corporate governance issue,<ref>{{Cite web|title=Zee Hits Back At Invesco's Open Letter, Rebuts Objections On Sony Merger Deal|url=https://www.moneycontrol.com/news/business/companies/zee-hits-back-at-invescos-open-letter-rebuts-objections-on-sony-merger-deal-7579641.html|access-date=2021-10-21|website=Moneycontrol|date=13 October 2021 |language=en}}</ref> but "by the events that transpired during February-April 2021 pointing Invesco purposed deal with [[Reliance Industries]].<ref>{{Cite web|title=Invesco Proposed Merger With Large Indian Group In Feb 2021, Wanted Punit Goenka To Lead: Zee|url=https://www.moneycontrol.com/news/business/companies/invesco-proposed-merger-with-large-indian-group-in-feb-2021-wanted-punit-goenka-to-lead-zee-7575661.html|access-date=2021-10-21|website=Moneycontrol|date=12 October 2021 |language=en}}</ref>


Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company.
Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company.


On 21 October, the [[Bombay High Court]] asked the Zee board to call an EGM as demanded by shareholder Invesco, and counsel appearing for Zee Entertainment said the company will inform the court of the date of the EGM by the morning of October 22.<ref>{{Cite web|title=Bombay HC Asks Zee To Call EGM As Demanded By Shareholder Invesco|url=https://www.moneycontrol.com/news/business/companies/bombay-hc-asks-zee-to-call-egm-as-demanded-by-shareholder-invesco-7608931.html|access-date=2021-10-21|website=Moneycontrol|language=en}}</ref><ref>{{Cite web|last=Upadhyay|first=Payaswini|title=Zee Vs Invesco: Bombay High Court Proposes To Allow EGM, But...|url=https://www.bloombergquint.com/law-and-policy/zee-vs-invesco-bombay-high-court-proposes-to-allow-egm-but|access-date=2021-10-21|website=BloombergQuint|language=en}}</ref>
On 21 October, the [[Bombay High Court]] asked the Zee board to call an EGM as demanded by shareholder Invesco, and counsel appearing for Zee Entertainment said the company will inform the court of the date of the EGM by the morning of October 22.<ref>{{Cite web|title=Bombay HC Asks Zee To Call EGM As Demanded By Shareholder Invesco|url=https://www.moneycontrol.com/news/business/companies/bombay-hc-asks-zee-to-call-egm-as-demanded-by-shareholder-invesco-7608931.html|access-date=2021-10-21|website=Moneycontrol|date=21 October 2021 |language=en}}</ref><ref>{{Cite web|last=Upadhyay|first=Payaswini|title=Zee Vs Invesco: Bombay High Court Proposes To Allow EGM, But...|url=https://www.bloombergquint.com/law-and-policy/zee-vs-invesco-bombay-high-court-proposes-to-allow-egm-but|access-date=2021-10-21|website=BloombergQuint|date=21 October 2021|language=en|archive-date=21 October 2021|archive-url=https://web.archive.org/web/20211021142602/https://www.bloombergquint.com/law-and-policy/zee-vs-invesco-bombay-high-court-proposes-to-allow-egm-but|url-status=dead}}</ref>


On 7 December, Invesco heading towards a resolution, Invesco was expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.<ref>{{Cite web|last=Kar|first=Ayushi|title=Invesco to back Zee-Sony deal as long as Punit Goenka is not given PE|url=https://www.thehindubusinessline.com/companies/invesco-to-back-zee-sony-deal-as-long-as-punit-goenka-is-not-given-pe/article37854454.ece|access-date=2021-12-07|website=@businessline|language=en}}</ref>
On 7 December, Invesco heading towards a resolution, Invesco was expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.<ref>{{Cite web|last=Kar|first=Ayushi|title=Invesco to back Zee-Sony deal as long as Punit Goenka is not given PE|url=https://www.thehindubusinessline.com/companies/invesco-to-back-zee-sony-deal-as-long-as-punit-goenka-is-not-given-pe/article37854454.ece|access-date=2021-12-07|website=@businessline|date=5 December 2021 |language=en}}</ref>


On 22 December, board of [[Zee Entertainment Enterprises]] approved the merger with [[Sony Pictures Networks India]].<ref>{{Cite web|title=Zee-Sony Merger Approved, Punit Goenka Will Be CEO Of Merged Entity|url=https://www.ndtv.com/business/zee-sony-merger-deal-zee-entertainment-board-approves-merger-with-sony-unit-punit-goenka-to-continue-as-ceo-2664366|access-date=2021-12-22|website=NDTV.com}}</ref>
On 22 December, board of [[Zee Entertainment Enterprises]] approved the merger with [[Sony Pictures Networks India]].<ref>{{Cite web|title=Zee-Sony Merger Approved, Punit Goenka Will Be CEO Of Merged Entity|url=https://www.ndtv.com/business/zee-sony-merger-deal-zee-entertainment-board-approves-merger-with-sony-unit-punit-goenka-to-continue-as-ceo-2664366|access-date=2021-12-22|website=NDTV.com|date=22 December 2021 }}</ref>


== References ==
== References ==

Latest revision as of 11:02, 26 February 2026


This article is about the Indian conglomerate. For the French lens manufacturer which merged with Silor in 1972, see Essilor.
Essel Group
IndustryConglomerate
Founded21 May 1926; 100 years ago (1926-05-21)
Founder(s)Jagannath Goenka
HeadquartersMumbai, Maharashtra, India
Area served
Worldwide
Key people
Subhash Chandra (chairman)
Services
RevenueDecrease ₹ 16,800 crore
(US$2.4 billion) (2023)
Decrease ₹ -158 crore
(US$ -19 million) (2023)
Number of employees
10,000+ (2021)
Subsidiaries
Websitewww.esselgroup.com

Essel Group (also known as Zee Group) is an Indian media conglomerate, headquartered in Mumbai, India.[2] The group has had business interests in mass media, infrastructure and packaging.[3][4][5] Founded in 1926 as the Messrs Ramgopal Indraprasad by Jagannath Goenka, the company was expanded and converted into the Essel Group of Industries by his grandson, Subhash Chandra.[6] Chandra is part of the Goenka (Goel) family which owns and operates the group; he was also the chairman of the company and a former member of the Rajya Sabha.[7]

Experiencing financial troubles in 2019,[8][9] Essel sold off several of its assets, including Essel Propack and stakes in Zee Entertainment Enterprises.[8][9]

History[edit | edit source]

1926–1967[edit | edit source]

In 1926, Jagannath Goenka founded the Messrs Ramgopal Indraprasad as a commercial firm to deal in food grains at the mandi (product market) in Adampur, Hisar. In 1946, as a result of poor performance in Adampur, the firm moved to the town of Hisar. Goenka attempted to expand the business in 1948 by setting up a pulses polishing factory in Delhi, but he suffered heavy losses, forcing him to cease Delhi operations in 1951. He moved the Delhi machinery to Hisar, where he was able to turn consistent profits by selling polished whole grains to Gujarat and South India. By 1966, the firm was operating one dal mill and two cotton ginning factories.[6][non-primary source needed]

1967–1992[edit | edit source]

In 1967, the business suffered a series of losses, leaving the Goenka family at a net deficit of ₹600,000 (equivalent to ₹26 million or US$360,000 in 2019). Between 1967–68, the Goenkas' connections in the Food Corporation of India (FCI) helped the family secure not only a deal to supply it with polished pulses and cleaned barley but also a later contract for storage of food grains.[6]

In 1973, control of the company was handed over to Subhash Chandra, the grandson of Jagannath Goenka.[10]

The company renamed itself the Essel Group in 1976. After acquiring a storage contract with the FCI in the same year, Essel established a new subsidiary, Lamina Packers, to manufacture packaging materials.[6] In 1981, Essel obtained lucrative export contracts for rice and soya beans as a result of Indo–USSR bilateral trade agreements. According to a 2014 estimate, Essel Group's net worth by 1982 was over ₹100 crore (equivalent to ₹129 crore or US$18 million in 2019).[10][6]

In December 1982, Lamina Packers became incorporated as Essel Packaging,[6] which marked Essel Group's full-blown venture into the packaging industry, with the primary product being the laminated tube units that originated with Lamina Packers. In 1983, the group also began investing in a future amusement park in Mumbai.[10] EsselWorld opened six years later, becoming India's first amusement park.[11] Although the park was partly meant to signal that its parent corporation wanted to be a major force in the entertainment industry, EsselWorld always remained unprofitable, right up to its shutdown in 2023.[12][11][13][14]

1992–Present[edit | edit source]

As of 1992, Essel Group began to take a bigger interest and stake in the entertainment industry. That year it incorporated Zee Telefilms Ltd[15] and then looked for a place where Zee's content could be broadcast. Zee and Star TV entered into a joint venture called Asia Today Ltd so Zee could lease a transponder from satellite network AsiaSat. The transponder agreement was signed in April 1992, and Zee TV began broadcasting on 1 October.[16][13] It was India's first Hindi Language satellite channel, and by 1994 it had captured 65% of the satellite market share. Zee TV remained the market leader until 2000.[16]

In 1994,[17] Essel Group incorporated Siti Cable to be the distribution subsidiary of Zee Telefilms. Siti would provide cable service to customers to expand the reach of Zee's satellite channels.

The company continued to develop entertainment channels that successfully competed with Star India, a Star TV subsidiary. In 1998, Essel/Zee turned to journalism with Zee News, the first 24x7 Hindi Language news channel in India.[18]

In 2000, Zee Telefilms ended its partnership with Star TV by buying out its shares in Asia Today Ltd. Star India was now free to produce programmes in Hindi in an attempt to target local audiences and lure Zee's viewers away.

Assets[edit | edit source]

Zee Media Corporation (4.34% stake)[edit | edit source]

Main article: Zee Media Corporation
Zee Media Corporation Limited
Traded asBSE: 532794
NSE: ZEEMEDIA
IndustryNews Media
HeadquartersMumbai, Maharashtra, India
Key people
Jawahar Goel (Editor-in-chief)
BrandsZee News, Daily News and Analysis
Revenue₹640 crore (US$90 million)[19] (2020)
₹−273 crore (US$−38 million)[19] (2020)
Number of employees
1,719[19] (2020)
Websitewww.zeemedia.in
Footnotes / references
[20]

The Zee Media Corporation Limited (abbreviated as ZMCL; formerly Zee News Limited) is the news broadcasting company of the Essel Group.[21] The company operates a constellation of news channels under the brand name of Zee including the English language news channel WION.[22] The Zee News channel is the flagship channel of the company.[23] The Zee Media Corporation also owns and operates the ZEE5 distribution platform.[24]

It was involved in a joint venture with the Dainik Bhaskar Group for the publication of the Daily News & Analysis newspaper but the paper was discontinued in 2019 after suffering loses.[25] The corporation also runs the Zee Institute of Media Arts (ZIMA)[22] which is owned by Zee Learn, the schooling subsidiary of the Essel Group.[26]

The Zee Media Corporation was formerly a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises) and existed under the name of Zee News Limited. It was demerged as a separate company of the Essel Group in 2006.[21] The Zee News Limited was renamed to Zee Media Corporation in 2013.[27]

Operated channels By Zee Media Corporation[edit | edit source]

Channel Launched Language Category SD/HD availability Notes
Zee News 1999 Hindi News SD HD version coming soon
Zee Bharat 2017
Zee Business 2005
Zee 24 Ghanta 2007 Bengali
Zee Kannada 2006 Kannada
WION 2016 English HD version coming soon
Zee 24 Taas 2007 Marathi
Zee 24 Kalak 2017 Gujarati
Zee Rajasthan 2013 Hindi
Zee Uttar Pradesh Uttarakhand 2017
Zee Madhya Pradesh Chhattisgarh 2017
Zee Punjab Haryana Himachal 2013
Zee Bihar Jharkhand 2017
Zee Salaam 2010 Urdu

Defunct/Former channels[edit | edit source]

Channel Language Category SD/HD availability Notes
Zee 24 Gantalu Telugu News SD
Zee Odisha Odia News SD

Siti Networks (6.1% stake)[edit | edit source]

Main article: Siti Networks

Siti Networks Limited (abbreviated as SNL; formerly Wire & Wireless India Limited; alternatively Siti Cable) is the multi-system operator of the Essel Group.[28] It provides cable distribution services for household consumption. Established in 1994 as a subsidiary of the Zee Telefilms Ltd (later renamed to Zee Entertainment Enterprises),[16] it was founded as a separate company of the Essel Group following the de-merger of the Zee Telefilms in 2006.[21]

In October 2021, it was reported that promotes have just 6.1% stake left in Siti Networks.[29]

Dish TV (4.04% stake)[edit | edit source]

Main article: Dish TV

DishTV India Limited (abbreviated as DTIL, stylised as dishtv) is a Direct to Home (DTH) television provider company which provides DTH service through multiple brands such as Dish TV, d2h and Zing Digital.[30] Dish TV was launched on 2 October 2003 as the DTH provider of the Essel Group and was merged with Videocon D2H on 22 March 2018.[31][32] The Essel Group maintains a 55% stake in the company while the Videocon Group maintains a 45% stake.[33] It became the largest DTH provider in India after the merger.[32] The company is also partnered with The Times Group owned MX Player for streaming services.[30]

In May 2021, it was reported that promoters' shareholding in Dish TV has fallen to just 5.67% and Yes Bank has become biggest stock owner of Dish TV.[34] The shareholding further fell to 4.04% by 2023.

Zee Entertainment Enterprises (3.99% stake)[edit | edit source]

Main article: Zee Entertainment Enterprises

The Zee Entertainment Enterprises Limited (abbreviated as ZEEL; formerly Zee Telefilms Limited) is a media and entertainment broadcasting company.[35] It was the primary profit generating company of the Essel Group.[36] It owns a constellation of entertainment channels under the brand name of Zee and the channels under the brands of Living Entertainment, Big and "&".[37] The Zee Entertainment Enterprise also owns and operates the record label of Zee Music Company and the film studio of Zee Studios.[38]

The company was incorporated in 1992 as the Zee Telefilms Limited, the Essel Group's venture into mass media. It launched its flagship television channel, Zee TV on 1 October 1992.[13] In 2006, two subsidiaries of the company were de-merged from the Zee Telefilms Ltd and segregated as distinct ententes under the Essel Group. Zee News Ltd (later renamed to Zee Media Corporation) became the news broadcasting subsidiary of the group while Wire & Wireless India Limited (later renamed to Siti Networks) became the cable distribution company of the group. Following the segregation, Zee Telefilms was rebranded as to Zee Entertainment Enterprises.[21]

Between 2002–2018, the Zee Entertainment Enterprises was involved a joint venture with american distribution brand Turner India for the distribution of channels in India, Nepal and Bhutan.[39] The company was involved in sports broadcasting between 2004–2016. It launched its own private cricket league, the Indian Cricket League which held two seasons between 2007–2009 but the league failed to gain traction.[40] In 2016, it sold off all its sports broadcasting assets in the venture to Sony.[41]

As of 2020, the company has suffered successive reduction in revenue and has been subjected to investigative probes by the Enforcement Directorate.[42][43] The Essel Group has divested a part of its shares in the company for the repayment of pending dues, reducing its stake in the company to 22.37% with much of the remaining stake still pledged as collateral to the remaining dues.[8]

In September 2021 ZEEL Announced merger with Sony Pictures Networks India.

In October 2021, it was reported that founder Subhash Chandra and his son, Punit Goenka together own just 3.99% stake of Zee Entertainment.[44]

On 22 December the board of Zee Entertainment Enterprises approved the merger with Sony Pictures Networks India. and now pending for government approval.

Zee Learn (15.05% stake)[edit | edit source]

The Zee Learn Limited (abbreviated as ZLL; informally referred to as Zee Schools) is the for-profit education company of the Essel Group.[45] Incorporated in 1958, the company did not begin operating until 2010.[46] Zee Learn founded the private school chains of Kidzee preschools and Mount Litera Zee K–12 schools. As of 2019, it had more than 1,900 Kidzee preschools and 120 Mount Litera Zee schools across India and three institutes of higher education; the Zee Institute of Media Arts (ZIMA), Zee Institute of Creative Arts (ZICA) and the Himgiri Zee University, Dehradun (HZU).[26] The company also promoted and operated he ZeeQ channel of the Zee Entertainment Enterprises.[47] The student coaching firm MT Educare became a subsidiary of Zee Learn following an acquisition in May 2018.[48] It has been inactive since 2020 and has become a direct subsidiary of Zee Entertainment Enterprises despite having a separate stock listing.

Others[edit | edit source]

The group owned and operated amusement parks of "Essel World" and "Water Kingdom" in Mumbai.[49] Essel World was one of the first amusement parks in India; it was shut down in April 2023.[14]

The Shirpur Gold Refinery uses the brand name of Zee Gold in a joint venture with the Essel Group for the marketing of the refinery's products; the Essel Group gets royalties of 20% on the net profit for the brand usage.[50] The Refinery recently went public diluting Essel Group's stake to 43.66%.[51]

The group also operated the online lottery Playwin in Sikkim.[52] The lottery however ceased operation in 2020, following the sale of assets by the Essel Group for the repayment of pending debts.[53]

Essel Group had founded and operated Essel Propack until sale of their stake in 2019.

Between 2020 and 2021, Essel Group sold Essel Finance's MSME loan book to Adani Capital,[54] and Essel Mutual Fund to Navi Group.[55]

Controversy[edit | edit source]

Zee Entertainment Enterprises Limited (Dispute between Promoters)[edit | edit source]

On 11 September 2021, Invesco asked Zee management to call an "extraordinary general meeting" (EGM) of shareholders to consider its demands. One of the main demands was the removal of Punit Goenka, son of the Zee Network founder.[56] However the Zee board rejected the demand from Invesco to convene an extraordinary general meeting.[57] Invesco Developing Market Funds Moves to a National Company Law Tribunal (NCLT) and the Bombay High Court, seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.[58][59]

OFI Global China Fund, who also moved the NCLT along with Invesco, remarked at the hearing that the meeting that Zee Entertainment board had conducted on October 1 was just a legal formality and that it is a classic case of Forum shopping.

On 11 October 2021, Invesco[60] wrote an open letter to the other shareholders saying they are disappointed that the leadership of Zee has resorted to a reckless public relations campaign in response to the overwhelming demand from shareholders for leadership changes at Zee network. They had also tried to merge Zee with some other Indian company in early 2021, but the Zee board rejected it.

The Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco is not motivated by concerns related to any corporate governance issue,[61] but "by the events that transpired during February-April 2021 pointing Invesco purposed deal with Reliance Industries.[62]

Reliance Industries Ltd (RIL) said it proposed to merge all its media properties with Zee Entertainment at fair valuations during discussions in February and March 2021 that US investment firm Invesco helped arrange with managing director and member of the founding family of the media and entertainment company.

On 21 October, the Bombay High Court asked the Zee board to call an EGM as demanded by shareholder Invesco, and counsel appearing for Zee Entertainment said the company will inform the court of the date of the EGM by the morning of October 22.[63][64]

On 7 December, Invesco heading towards a resolution, Invesco was expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.[65]

On 22 December, board of Zee Entertainment Enterprises approved the merger with Sony Pictures Networks India.[66]

References[edit | edit source]

  1. ↑ "Esselgroup - Essel Group Profile". www.esselgroup.com. Archived from the original on 19 February 2023. Retrieved 13 December 2020.
  2. ↑ Sapam, Bidya (2 February 2020). "Tarun Katial | On the binge". Livemint.
  3. ↑ "Sangh backs Zee in its fight for survival (IANS Exclusive)". Outlook India. 6 February 2019.
  4. ↑ Chaki, Deborshi (9 January 2019). "Essel Group in talks to raise $400 million to refinance debt". Livemint.
  5. ↑ Pratap, Rashmi (21 April 2019). "India Inc's Crown Jewels At Risk- Business News". Business Today (India).
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 "From 'Okara Dukaan' to Zee… the complete story". MxMIndia. 1 October 2012.
  7. ↑ "Subhash Chandra and family". Media Ownership Monitor. Reporters Without Borders.
  8. ↑ 8.0 8.1 8.2 Gopakumar, Gopika; Laskar, Anirudh (5 November 2019). "Subhash Chandra may lose say in Zee Entertainment". Livemint.
  9. ↑ 9.0 9.1 "Sudhanshu Vats Appointed CEO And MD At Essel Propack". BW Businessworld. 15 April 2020.
  10. ↑ 10.0 10.1 10.2 Singh, Gurbir (8 November 2014). "New Pastures For The Patriarch". BW Businessworld. Archived from the original on 30 December 2018.
  11. ↑ 11.0 11.1 "Subhash Chandra: interesting facts of chairman of the essel group". Business Insider. 17 October 2020.
  12. ↑ Singh, Suhani (21 August 2017). "Entertainment Inc.: The story of Zee, one of India's first Hindi satelite [sic] channels". India Today. Retrieved 26 February 2020.
  13. ↑ 13.0 13.1 13.2 Agarwal, Amit (12 July 2013). "Subhash Chandra makes television history with Zee TV began life running a flour-mill". India Today (published 15 August 1994). Retrieved 28 February 2020.
  14. ↑ 14.0 14.1 "Mumbai: Essel World Shut Down? Heartbroken 90s, Early 2000s Kids Take Nostalgia Trip on Twitter". TimesNow. 4 May 2023. Retrieved 7 May 2023.
  15. ↑ "Zee Entertainment Enterprises History". The Economic Times. Retrieved 26 February 2020.
  16. ↑ 16.0 16.1 16.2 Bansal, Shuchi; Sheikh, Aminah (29 September 2012). "There and back again: Subhash Chandra and the Zee TV story". Livemint. Retrieved 26 February 2020.
  17. ↑ "Siti Networks". sitinetworks.com. Retrieved 12 May 2020.
  18. ↑ Chakraborty, Subhas Ranjan; Chakrabarti, Shantanu; Chaterjee, Kingshuk, eds. (2010). The Politics of Sport in South Asia. Oxfordshire & New York: Routledge. p. 136. ISBN 978-0-415-37168-1.
  19. ↑ 19.0 19.1 19.2 Com, Moneycontrol. "Zee Media Share Price, Zee Media Stock Price, Zee Media Corporation Ltd. Stock Price, Share Price, Live BSE/NSE, Zee Media Corporation Ltd. Bids Offers. Buy/Sell Zee Media Corporation Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com. Retrieved 25 August 2021.
  20. ↑ "Slowdown Blues: Zee Media profit drops 73% to Rs 13.17 crore in FY19". www.businesstoday.in. 14 May 2019.
  21. ↑ 21.0 21.1 21.2 21.3 "Zee Telefilms demerges into 3 firms". Business Standard. 14 December 2006.
  22. ↑ 22.0 22.1 "Zee Media Corporation". Media Ownership Monitor. Reporters without Borders.
  23. ↑ "Director Reports, Company Results of Zee Media Corp". NDTV Profit. Retrieved 25 February 2020.
  24. ↑ "Netflix vs Prime Video vs Disney+ Hotstar vs Zee5 vs AltBalaji vs others: Subscription plans detailed". The Indian Express. 7 May 2020.
  25. ↑ Dutta, Amrita Nayak (11 October 2019). "DNA goes out of print 14 years after launch — rise & sudden fall of a promising newspaper". ThePrint. Retrieved 25 February 2020.
  26. ↑ 26.0 26.1 PM, Indulal; Balakrishnan, Reghu (19 November 2019). "KKR-backed EuroKids in talks to buy Kidzee for Rs 1,200 crore". The Economic Times.
  27. ↑ "Zee Media Corporation History | Zee Media Corporation Information". The Economic Times. Retrieved 25 February 2020.
  28. ↑ "Lenders invoke shares of Essel group firms Dish TV, Siti Cable, Zee Learn". Outlook India. 11 April 2020.
  29. ↑ Kar, Ayushi (12 October 2021). "Unpaid dues: Operational creditors may drag Siti Networks to NCLT". @businessline. Retrieved 18 October 2021.
  30. ↑ 30.0 30.1 "Dish TV India partners with MX Player". The Financial Express. 27 April 2020.
  31. ↑ Das Gupta, Surajeet (1 January 2014). "10 years of DTH in India: The other electronics revolution". Business Standard India.
  32. ↑ 32.0 32.1 "Dish TV India, Videocon d2h merger completed". The Economic Times. 22 March 2018.
  33. ↑ Ahluwalia, Harveen (10 May 2017). "Dish TV and Videocon d2h merger gets CCI approval". Livemint.
  34. ↑ "Dish TV promoters' stake falls to 5.67%". The Economic Times. Retrieved 10 October 2021.
  35. ↑ "ZEEL jumps after foreign fund buys stake". Business Standard India. 23 April 2020.
  36. ↑ "Why Subash Chandra had to Resign as Chairman of Zee". NewsClick. 27 November 2019.
  37. ↑ List of sources:
  38. ↑ List of sources:
  39. ↑ Jha, Lata (27 March 2018). "Turner International appoints IndiaCast Media as its distribution agent". Livemint.
  40. ↑ Evens, Tom; Isifidis, Petros; Smith, Paul (2013). The Political Economy of Television Sports Rights. Palgrave Macmillan. pp. 152–158. ISBN 978-1-137-27564-6.
  41. ↑ Malvania, Urvi (1 September 2016). "ZEE sells Ten Sports to Sony for $385 mn". Business Standard India.
  42. ↑ Pinto, Viveat Susan (18 March 2020). "Zee Entertainment stock falls 20% a day after ED summons Subhash Chandra". Business Standard India.
  43. ↑ "Corporate Governance: Corp affairs ministry probes Zee Entertainment's books". The Financial Express. 6 February 2020.
  44. ↑ Sood, Varun (30 September 2021). "Tribunal orders Zee to announce EGM by Sunday". mint. Retrieved 10 October 2021.
  45. ↑ "Essel Group bets big on education". Business Line. 9 April 2010.
  46. ↑ "Zee Learn History". The Economic Times.
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  49. ↑ Menon, Shailesh (6 February 2018). "Meet the first families of the growing theme and amusement parks segment in India". The Economic Times.
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  53. ↑ "Essel Group repays half the debt to MFs & NBFCs". The Economic Times. 7 September 2019.
  54. ↑ "Essel Group sells MSME loan book to Adani Capital". The Times of India. 22 January 2020. Retrieved 24 November 2024.
  55. ↑ Pillai, Anvita (18 September 2021). "Sachin Bansal's Navi Mutual Fund Files Papers For Electric Vehicle Fund With SEBI". Inc42 Media. Retrieved 24 November 2024.
  56. ↑ "Zee Entertainment's Largest Shareholders Call EGM Seeking Removal Of Punit Goenka From Board". Moneycontrol. 13 September 2021. Retrieved 21 October 2021.
  57. ↑ "Zee Says Will Not Hold EGM As Demanded By Shareholder Invesco". Moneycontrol. October 2021. Retrieved 21 October 2021.
  58. ↑ "Zee-Invesco NCLT Hearing: Invesco Says NCLT Must Make A Mandatory Order To Call EGM". Moneycontrol. 4 October 2021. Retrieved 21 October 2021.
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