Invesco’s tough stance on Goenka has put a spanner in the proposed Sony-Zee merger. An initial spurt in Zee’s stock price indicated that his ouster would be good. But it’s not simple. Goenka can be an asset. He knows the tricks of the trade. However, for investors, a deal with Sony is the best-case scenario, with or without him.
Just like the daily soaps it churns out, a lot of drama has been unfolding at Zee Entertainment.On September 13, Invesco Developing Markets Fund and OFI Global China Fund LLC, the largest shareholders with 18% stake, called an extraordinary general meeting (EGM), seeking to remove Punit Goenka, managing director of Zee Entertainment, from the board along with two independent directors. A day earlier, two independent directors, Ashok Kurien and
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