In an official statement, Reliance Industries Ltd (RIL) has expressed its regret in being dragged into the ZEE-Invesco fiasco. In the same, RIL claims to have proposed a merger of all its media properties with Zee at fair valuations during discussions in February and March 2021. "Invesco assisted Reliance in arranging discussions directly between our representatives and Punit Goenka, member of the founder family and Managing Director of Zee."

This proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee.

Reliance also mentions continuance with the existing management of the investee companies and reward them for their performance. "Accordingly, the proposal included the continuation of Goenka as Managing Director and the issue of ESOPs to management, including Goenka," it clarifies. 

However, differences arose between Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. "The investors seemed to be of the view that the founders could always increase their stake through market purchases."

RIL did not intend to push any hostile transactions and hence, did not proceed further.