Subhash Chandra battles to retain his $4 bn Indian empire

Subhash Chandra is no stranger to corporate battles. In 1998, when his then partner Rupert Murdoch attempted to buy out their thriving five-year-old Indian television venture, the entrepreneur deftly fended off the billionaire to wrest back control of what became Zee Entertainment NSE -3.07 % Enterprises Ltd.

More than two decades later, India’s largest publicly traded entertainment network is back at the center of a complicated boardroom feud: Chandra and his supporters versus Atlanta-based Invesco Developing Markets Fund, Zee’s biggest shareholder with an 18% stake.

This time, the 70-year-old tycoon, known for his distinctive black-and-silver hairstyle, risks losing control just as Zee’s prospects are looking up, with the advent of streaming.