Invesco drops call to remove Zee Entertainment MD & CEO Punit Goenka

Supports Sony merger; Zee welcomes move

Invesco Developing Markets Fund, which owns 18 per cent stake in Zee Entertainment Enterprises (ZEEL), on Thur­sday said it supports the Zee-Sony merger and has decided not to pursue the litigation calling for a shareholders’ meet to remove Managing Director and Chief Executive Officer Punit Goenka.
 

Zee has also welcomed the move and said it continues to seek the required valuable support from all its stakeholders.
 

In a statement, Invesco said it is pleased with the Bombay High Court’s ruling, which is an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold boards accountable