Invesco retaliates, sues NCLT for removal of Zee Entertainment director Punit Goenka

Media company Zee Entertainment Enterprises Ltd. (ZEEL)'s difficulties are increasing day by day. Invesco, adamant on the demand for the removal of the company's MD and CEO, Punit Goenka, has dragged Zee to the NCLT. Invesco had sought to convene an Extraordinary General Meeting (EGM) of shareholders to demand the removal of Goenka. But the company is yet to announce the EGM. This is the reason why Invesco has moved NCLT against the company.

Zee last week announced its merger with Sony Picture Networks India to create the largest media company in the country. Industry insiders said the matter is listed before the Mumbai bench of the NCLT for hearing on Thursday. G declined to comment on the matter, saying it was committed to acting within the framework of the law.

17.88% stake in Zee
Invesco-invested OFI Global China Fund and Invesco Developing Markets Fund had sought Goenka's removal. Invesco Developing Markets Fund along with OFI Global China Fund LLC holds a 17.88 percent stake in ZEEL. Investors have demanded to convene the EGM of the company before October 28. On September 11, he had sent a notice to Zee's board seeking removal of three directors, including Goenka, and six independent directors of his choice.

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