- September 27, 2021
- Posted by: Stratford Team
- Category: Business
BENGALURU, Sept 27 (Reuters) – Top shareholders of Zee Entertainment Enterprises (ZEE.NS) renewed their call for an extraordinary general meeting to remove Chief Executive Punit Goenka from the board, the Business Standard reported, citing a letter.
The letter from Invesco and OFI Global China Fund dated Sept.23 follows the company’s disclosure of a merger deal with Sony Group Corp’s (6758.T) India unit last week. read more
Invesco and OFI did not immediately respond to Reuters request for comments, while Zee said it will take necessary action as per the law.
According to the Zee-Sony deal, the majority of directors of the merged entity will be named by Sony Group, while Goenka will become the managing director and CEO.
The deal was expected to ease the pressure Zee was facing from Invesco and OFI, which together hold a 17.88% stake, for a management reshuffle.
However, in the letter the two shareholders said Zee’s disclosure of the deal was “symptomatic…