Invesco is putting increasing pressure on Zee’s board to comply with rules for calling an extraordinary general meeting (EGM) to reshuffle the board of directors as requested by investors.

It’s an all-out war between Zee Entertainment and its investor Invesco.

Invesco is putting increasing pressure on Zee’s board to comply with rules for calling an extraordinary general meeting (EGM) to reshuffle the board of directors as requested by investors.

Invesco, in a letter, reiterated its demand for an EGM to replenish Zee’s board of directors as well as the removal of Punit Goenka as director. This calls into question the status of the current board of directors to make deal decisions at that time and it comes in light of the September 22 announcement by Zee Entertainment that it received in-principle approval from the board of directors for Sony merger talks.

Now, in light of an EGM called by certain shareholders, Invesco has stated that it is bound by duty, the board of directors of the company is required to call an EGM as requested by the shareholders and the new board of directors. he administration will have the depth to steer the business into the future. He said the new independent board would be in the best position to assess potential strategic deals and also strengthen governance, which is a necessary step for the long-term future of the company.

To put it in context, on September 11 Invesco requested an EGM for the board change and the company must, until October 2, apply for an EGM according to the rules. Invesco is putting increasing pressure on the company to convene this EGM.

Watch CNBC-TV18’s Nisha Poddar companion video for more details.

(Edited by : Dipika gosh)


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