Invesco backs down from reformulating Zee Entertainment Board

Invesco, an investment management company based in the US, has given up plans to destabilize the management formation of Zee Entertainment, India. Invesco which is owning 17.88 % shares of Zee, has invited the shareholders to initiate a meeting to form a new executive board with the exclusion of Puneet Goenka, the CEO. Zee which is in the talks to join Sony Networks India has been faced with a months-long opposition by Invesco. Invesco recently has got permission of the court order to hold a meeting with Zee’s shareholders, however, it has dropped its plans of reformulating the management structure of Zee, given its merger with Sony Networks India. Invesco has stated that the new merger will fulfill its vision of reshaping and restructuring the executive board of Zee. Following this statement, the share price of Zee has increased by 18%.  Invesco has also informed that it will supervise the growth as a result of the merger and call for a meeting with shareholders if there is any discrepancy in the process. Zee has taken Invesco’s decision to back down on a positive note and has informed that the merger is in the best interest of all the stakeholders involved.