Invesco wanted ZEE’s merger with a ‘large Indian group’, EGM call in retaliation, alleges Punit Goenka

Punit Goenka, MD & CEO of Zee Entertainment Enterprises (ZEE) on Tuesday disclosed to the company board that Invesco – the largest shareholder of the company, which is seeking his removal from the board – had approached him in February with a proposed merger with “a large Indian group”.

Without naming the group, Goenka informed the board Tuesday that two representatives of Invesco – Aroon Balani and Bhavtosh Vajpayee – presented a merger deal to him involving ZEE and “certain entities” owned by the large Indian group (strategic group) on February 23, 2021.