Mumbai: The media and entertainment major – Zee Entertainment Enterprises Ltd (Zeel) has completed 29 years of its foundation on Saturday, as it wades through a boardroom crisis.

“29 years ago, on this very day, we set pen to paper and laid the foundation of this extraordinary institution, which we called ZEE. Back then, a lot of people thought it was a bold and impossible idea, but the power of passion and perseverance paid off and here we are today, celebrating this glorious milestone,” said managing director and chief executive officer Punit Goenka in a message to his employees. “It has been a journey where we embedded culture of consistent value creation and sustained growth. As we together step into the 30th year of the Company, we stay committed to many more successful years ahead filled with glory, growth, and profitability.”

Goenka said “the best is yet to come,” as the company now gears up to seal a merger deal with Sony Pictures Network India (SPNI). “The proposed merger with Sony will make us the largest media and entertainment company in the country. With Sony as a partner in our value creation journey, the combined synergies will help us strengthen our capabilities, and create sharper content that enriches the lives of our viewers,” said Goenka.

The Company is currently embroiled in a boardroom tussle with two of its top investors demanding the removal of MD and CEO Punit Goenka through an extraordinary general meeting (EGM). The demand made through a requisition notice has already been turned down by the Company, which is also exploring legal options against the move.