Zee board rejects Invesco's demand to hold EGM to remove Punit Goenka

Bankers say the options before Invesco are to sell its shares to any other rival TV network company and let the incoming shareholder make a counter-offer to the Zee-Sony transaction

Taking a confrontational stand against its largest shareholder, the Zee Entertainment Enterprises (ZEE) board on Friday rejected Invesco Fund’s demand to hold an extraordinary general meeting (EGM) to remove current Managing Director and Chief Executive Officer Punit Goenka and induct its six nominees.

“In its meeting held on 1st October 2021, the Board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC,” ZEE said in a statement after the board meeting.

Both funds, backed by Oppenheimer