Invesco seeks shareholders support for change of ZEEL management, board

Zee Entertainment Enterprises Ltd’s largest shareholder, Invesco is seeking to rally around other non-promoter shareholders of the company for change of management, saying it is worried the firm’s deal with Sony will enrich the Chandra family at cost of shareholders.

In an open letter to Zee’s shareholders, Invesco, which holds a 7.74 per cent stake in the firm, reiterated its demand for an overhaul of the media group’s board and that it would pursue extraordinary general meeting (EGM) to oust chief executive Punit Goenka and two other directors.