- Zee and Sony are getting merged
- Invesco has demanded the removal of director Puneet Goenka
- Zee’s biggest investor is Invesco
In the Zee and Invesco controversy, there has been a voice from Bollywood. Director Madhur Bhandarkar and actor-director Satish Kaushik have come out in support of Zee Entertainment. Both the celebrities have demanded to save Ji from going into foreign hands. Please tell that Zee Entertainment Enterprises Ltd. (ZEEL) has announced a merger with Sony Picture Networks India.
Following this, Zee’s largest investor Invesco has sought restructuring of the board with the removal of two other directors, including Zee Entertainment director Punit Goenka, and the appointment of six new directors. Invesco had sought to convene an Extraordinary General Meeting (EGM) of shareholders to demand the removal of Goenka. But the company did not announce the EGM. After this the matter was taken to the American company Invesco National Company Law Tribunal (NCLT).
On October 5, Zee Entertainment was directed by the Mumbai NCLT to file its reply in two days to a petition filed by Invesco. On this order of NCLT, ZEE has approached the National Company Law Appellate Tribunal (NCLAT) and has sought more time to file its reply on the petition.
Zee India’s biggest entertainment company: Bhandarkar
Meanwhile, Bollywood director Madhur Bhandarkar and actor/director/producer Satish Kaushik have extended their support to ZEE. Madhur Bhandarkar tweeted that ZEE TV started by Subhash Chandra is today India’s largest entertainment company and a leader in Indian content. I hope it continues to progress under the leadership of Puneet Goenka and a full-fledged Indian management. I wish them good future.
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What did Satish Kaushik say
Satish Kaushik tweeted that Zee is the first Indian channel and has provided tremendous support to the Indian entertainment industry. Today American and Chinese investors are trying to grab it. Hope it will remain in its original hands.
Invesco’s stake in G
Invesco-invested OFI Global China Fund and Invesco Developing Markets Fund had sought Goenka’s removal. Invesco Developing Markets Fund along with OFI Global China Fund LLC holds 17.88 per cent stake in ZEEL. The investors have demanded to convene the EGM of the company before October 28. On September 11, he had sent a notice to Zee’s board seeking removal of three directors, including Goenka, and six independent directors of his choice.
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