ZEE-Sony Deal: Invesco Persistent Over Punit Goenka's Removal

Invesco calls for another annual general meeting for the removal of Goenka

The ZEE-Sony merger deal appears to have many interesting twists and turns as Invesco, the largest shareholder of ZEE, seems to be persistent on its decision of an extraordinary general meeting (EGM) to reorganise ZEE's board and remove MD and CEO Punit Goenka. 

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. 

After this continuous tussle of power, the shares of Zee Entertainment Enterprises' dipped by 3% on Monday morning.

Now, Zee Entertainment Enterprises (ZEEL), has reacted to the demand for the reshuffle. As per some media reports, the company said that it will take necessary actions as per the applicable law.

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.

Tags assigned to this article: