NEW DELHI: Shares of lost 0.6% in early Mumbai trading on Thursday after the chairman emeritus of the group, Subhash Chandra, referred to US-based Invesco’s requisition of an EGM for the ouster of Zee’s MD&CEO Punit Goenka as a “clandestine attempt” for an “illegal” takeover of the media mogul.
At 09:55 (hours (IST) shares of Zee traded at Rs 293 on the National Stock Exchange, down 0.6% from the previous close.
In a televised interview on Wednesday, Chandra said the Ministry of Corporate Affairs and Sebi should not permit Invesco to break domestic laws and instead, probe laws broken by the overseas investor.
The Invesco Developing Markets Fund, along with OFI Global China Fund, holds 18% stake in ZEE, one of India’s largest television networks.
Invesco had, last month, served a notice on ZEE for an extraordinary general meeting to recast the board and remove Goenka, Chandra’s son, as the CEO and MD following charges of corporate governance issues.
