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The Zee&nbsp;saga is turning out to be a showstopper for shareholders, the script now sees the entry of behind the scene 'operator' as claimed by&nbsp;Punit Goenka. The MD &amp; CEO&nbsp;of Zee&nbsp;Entertainment in a 6 page letter to the stock exchanges states that Invesco&nbsp;the largest shareholder of the company, which is seeking his removal from the board &ndash; had approached him in February with a proposed merger with &ldquo;a large Indian group&rdquo;.
&ldquo;The deal was first presented to me over a call scheduled on 23 February 2021 at 6pm IST, with Mr. Aroon Balani and Mr. Bhavtosh Vajpayee," said a note written by Goenka, disclosed by Zee. According to the note, under the proposed deal, structured by Balani, who is a vice-president at Invesco, and Vajpayee, a technology analyst at Invesco, Zee was to merge with &ldquo;certain entities owned by a large Indian group (Strategic Group)".
The letter, however, didn&rsquo;t mention the name of the group.
However, Goenka said he rejected the deal after expressing his &ldquo;apprehension&rdquo; to Invesco that the merging entities of the strategic group were over-valued and it would have resulted in a loss to the Zee stakeholders
Zee&nbsp;in it's disclosure of this deal also points out that Invesco&nbsp;via the proposed merger wanted to retain&nbsp;Punit Goenka&nbsp;as the&nbsp;MD &amp; CEO&nbsp;of the company, unlike their strict opposition to him holding that post now just 6 months down the line.&nbsp;Zee&nbsp;pointing back at Invesco&nbsp;stated that &ldquo;The board is constrained to conclude that Invesco's actions over the past few weeks, have been motivated by circumstances that are extraneous to the Company's business or performance, or issues of corporate governance or public interest.&rdquo;&nbsp;
&nbsp;

New twist in Zee saga; Punit Goenka claims 'large Indian firm' wants control via Invesco

Zee releases 6 page letter from Punit Goenka claims he rejected Invesco's demand for merger with 'large Indian group'. Is Invesco's demands to remove Goenka revenge tactic and scripted by a rival corporate?

Who is backing Invesco in the Zee fight?

A 6 page letter to the stock exchanges states that Invesco&nbsp;had approached Goenka in February with a proposed merger with &ldquo;a large Indian group&rdquo;.

The Zee&nbsp;saga is turning out to be a showstopper for shareholders, the script now sees the entry of behind the scene 'operator' as claimed by&nbsp;Punit Goenka. The MD &amp; CEO&nbsp;of Zee&nbsp;Entertainment in a 6 page letter to the stock exchanges states that Invesco&nbsp;the largest shareholder of the company, which is seeking his removal from the board &ndash; had approached him in February with a proposed merger with &ldquo;a large Indian group&rdquo;.
&ldquo;The deal was first presented to me over a call scheduled on 23 February 2021 at 6pm IST, with Mr. Aroon Balani and Mr. Bhavtosh Vajpayee," said a note written by Goenka, disclosed by Zee. According to the note, under the proposed deal, structured by Balani, who is a vice-president at Invesco, and Vajpayee, a technology analyst at Invesco, Zee was to merge with &ldquo;certain entities owned by a large Indian group (Strategic Group)".
The letter, however, didn&rsquo;t mention the name of the group.
However, Goenka said he rejected the deal after expressing his &ldquo;apprehension&rdquo; to Invesco that the merging entities of the strategic group were over-valued and it would have resulted in a loss to the Zee stakeholders
Zee&nbsp;in it's disclosure of this deal also points out that Invesco&nbsp;via the proposed merger wanted to retain&nbsp;Punit Goenka&nbsp;as the&nbsp;MD &amp; CEO&nbsp;of the company, unlike their strict opposition to him holding that post now just 6 months down the line.&nbsp; Zee&nbsp;pointing back at Invesco&nbsp;stated that &ldquo;The board is constrained to conclude that Invesco's actions over the past few weeks, have been motivated by circumstances that are extraneous to the Company's business or performance, or issues of corporate governance or public interest.&rdquo;&nbsp;
Also watch:&nbsp;<a href="https://www.editorji.com/business-news/markets/twist-in-the-zee-saga-subash-chandra-speaks-out-asks-who-is-scripting-inveso-s-dissent-1633501436319" target="_blank">Subash Chandra speaks out, asks who is scripting Inveso's dissent</a>
&nbsp;

Zee Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit Goenka

Zee Entertainment: Shareholders want to throw out MD & board members at today's meet

Shareholders vs Mgmt| Why Zee Ent MD is facing ouster by the shareholders at a meeting today.&nbsp; Use this&nbsp; #EJBiz&nbsp;This stock is up 15% as shareholders gear to oust board and MD&nbsp; #ZeeEntertainment&nbsp;#EGM&nbsp;

Shareholders vs Mgmt| Why Zee Ent MD is looking at being voted out

Zee&nbsp;Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit&nbsp;Goenka.

Zee&nbsp;Entertainment has a crucial shareholders meet today where the companies largest shareholder has called for the ouster of the MD Punit&nbsp;Goenka.&nbsp;Invesco also sought for a board recast and asked for the resignation of two independent directors&nbsp;Ashok Kurien and Manish Chokhani,&nbsp;both of whom appear to have resigned on Monday of their own accord.&nbsp; Infact&nbsp;proxy advisory firm Institutional Investors Advisory Services (IiAS) had raised serious&nbsp;corporate governance&nbsp;concerns in the company by asking shareholders not to vote for re-appointing Kuiren&nbsp;&amp; Chokhani&nbsp;on the company's board at the AGM. The current MD, Punit&nbsp;Goenka&nbsp;is the last promoter member on the Zee&nbsp;Ent&nbsp;board. The promoters, Subhash Chandra family own only 4 percent of the company and had to sell their stake to pay off the debt worth Rs 13,000 crore taken by the promoter entities of&nbsp;ZEEL&nbsp;after defaulting.
Invesco Developing Markets Fund and OFI Global China Fund&ndash;owned by American independent investment management company Invesco who together own 18% of the compay&nbsp;have&nbsp;sought an extraordinary general meeting (EGM) to vote on resolutions to remove the directors and induct six new independent board members.
Also Read:<a href="https://www.editorji.com/story/zee-entertainment-stock-of-the-day-brokerage-bet-on-management-coup-upgrade-stock-1631600738448" target="_blank">&nbsp;Zee Entertainment: Stock of the day, brokerage bet on management coup, upgrade stock</a> Founder of Zee&nbsp;Subhash Chandra stepped down in 2019 and accepted the blame for placing a series of mistimed and expensive infrastructure bets leading to losses for the firm.&nbsp; But <a href="https://www.editorji.com/topic/zee-entertainment-1599158864493750" target="_blank">Zee&nbsp;Entertainment</a> is not the only Zee&nbsp;promoter affiliated firm facing shareholder backlash.&nbsp;Dish TV which is run by Subhash&nbsp;Chandra's brother was also sent a similar communiqu&eacute;&nbsp;by their&nbsp;largest shareholder&nbsp;Yes Bank&nbsp;seeking the removal of the managing director Jawahar&nbsp;Goel and other independent directors over lapses in corporate governance.

punit goenka

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