Zee Entertainment vs Invesco: The battle for control over the board of the country’s largest listed media company has reached a turning point. Zee Entertainment Enterprises Ltd founder Subhash Chandra has alleged that the company’s largest shareholders Invesco Indwelling Markets Fund and OFI Global China Fund LLC want to take over the company. This company was formed by Subhash Chandra about twenty years ago.
In an interview given to a private TV channel, Subhash Chandra said that Invesco is trying to acquire Zee illegally. He has raised questions that if Invesco only wants shares of the company, then it can also take stake through the open-offer route. Chandra has requested the market regulator SEBI and the Ministry of Corporate Affairs to investigate the intentions of Invesco and OFI. According to Chandra, the acquisition of Zee will give the buyer access to one of the largest video content libraries in the country, which is in great demand in the country.
controversy started last month
The dispute between Zee Entertainment and Invesco began after Invesco and OFI called an Extraordinary General Meeting (EGM) for the removal of three directors, including Zee Entertainment CEO Puneet Goenka, and the appointment of six independent directors. Puneet Goenka is the son of Subhash Chandra. A few days later, Zee entered into a merger deal with Sony, under which it was decided to remain at the helm of the company formed after the merger.
Zee Entertainment will merge with Sony India, the board approves the decision
This matter of both the parties has also gone to the Bombay High Court. G has appealed to the Bombay High Court to declare the notice sent for convening the EGM as illegal and invalid. Chandra says that Invesco should come out in the open and let the shareholders decide whether they are with the Invesco deal or the Sony deal.
Zee Entertainment appeals against Invesco in Mumbai High Court, insists on not convening EGM
Three legal battles between Zee and Invesco
Zee Entertainment has moved the NCLAT (National Company Law Appellate Tribunal) against the NCLT’s decision to convene the EGM. The NCLT (National Company Law Tribunal) had said that Zee Entertainment should convene the EGM of the shareholders of the company. Now three legal battles will be fought between Zee and Invesco. The NCLT has asked Zee Entertainment to file a reply on the plea of Invesco and other minority shareholders by the next hearing on October 7. At the same time, this matter is also going on in the Bombay High Court.
Zee intensifies attacks on Invesco, NCLAT’s stand against NCLT order