Invesco says promoters of Zee harming interest of 96% shareholders

NEW DELHI: None of the sides in the Zee Entertainment versus Invesco tussle seem to be in a mood to relent. After Zee Entertainment promoters – Subash Chandra – last week went public with his attack on minority shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC, Invesco in an all-out attack said that the founding family, which holds under 4% of the company’s shares, is benefitting at the expense of 96% shareholders.

In an open letter to shareholders of Zee, Invesco Developing Markets Fund reiterated its demand for an Extraordinary General Meeting (EGM) as it stressed on the need for a demarcation between the promoter family and the institution. The letter also said that there is a need for the Board to be strengthened with independent directors who take their jobs seriously, who robustly debate vital decisions and who serve as guardians of all shareholder interests.