Invesco seeks EGM to remove Punit Goenka from Zee Entertainment board

The largest shareholder of Zee Entertainment Enterprises, Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund llC, holding 18 per cent stake in the company have called an extra-ordinary general meeting of shareholders seeking to remove Punit Goenka, currently MD of the company, from the board and two independent directors.

In a late evening statement to the stock exchanges, Zee Entertainment said the funds sought appointment of six of its own nominees on the board of Zee. 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 ZEEL after defaulting.