Earlier this month Invesco and OFI had demanded the removal of Punit Goenka along with two others
The ZEE-Sony merger deal appears to have many interesting twists and turns. On Monday, Invesco Developing Markets Funds and OFI Global China Fund, the two of the largest shareholders of ZEE, demanded to hold an extraordinary general meeting (EGM) to reorganise ZEE's board and remove MD and CEO Punit Goenka, for the second time.
Now, Zee Entertainment Enterprises (ZEEL), has reacted to the demand for the reshuffle. As per the media reports, the company said that it will take necessary actions as per the applicable law.
“The Board of the Company remains committed to act within the framework of law and is focused towards enhancing the Company’s growth and shareholder value. It is in the process of taking the required steps within the statutory period. The Company does not wish to comment on any impulsive or premature steps taken by Invesco Developing Markets Funds and OFI Global China Fund," said a Company Spokesperson
In a previous statement on its merger with Sony, ZEE had announced that Goenka will be taking the charge after the merger. At the beginning of this month, Invesco had demanded the removal of two board members along with Punit Goenka. After which, the two board members resigned just before the annual general meeting (AGM) on September 14th.
In addition to requesting Goenka's removal, Invesco has suggested six independent directors: Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta.
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