At 09:30 hours (IST), shares of Zee Entertainment traded at Rs 314.70 on the National Stock Exchange, down 0.7%.
On Wednesday, Zee’s MD and CEO Punit Goenka, son of the company’s founder Subhash Chandra, told the network’s board that Invesco was attempting to remove him after he declined a possible merger deal with a large domestic group.
US-based Invesco, which along with OFI Global China Fund owns 18 per cent stake in Zee, claimed that the deal was negotiated by and between Reliance, Goenka and other’s associated with the Zee promoter family.
Invesco had, last month, served a notice on Zee for an extraordinary general meeting to recast the board and remove Punit Goenka (son of Zee’s founder Subhash Chandra) as the CEO and MD following charges of corporate governance issues.
