Invesco withdraws EGM requisition for ZEE’s board reconstitution, reiterates support for Zee-Sony merger
A day after winning its appeal in the High Court against Zee Entertainment Enterprises (ZEE), Invesco Developing Markets Fund (Invesco) has decided to withdraw its requisition notice, which sought removal of MD and CEO Punit Goenka from the board of ZEE.
In a statement, Invesco, the largest shareholder of ZEE with around 18% stake in the entertainment company, also reiterated its support for the proposed merger of ZEE with Sony Pictures Networks India (SPN).
“We continue to believe this deal in its current form has great potential for Zee shareholders”, the company said. “We also recognise that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company. Given these developments, and our desire to facilitate the transaction, we have decided not to pursue the EGM as per our requisition dated September 11, 2021.”
Leave a Reply