Invesco Developing Markets Fund on Wednesday accused the Zee management of delaying the Extraordinary General Meeting (EGM) through convenient disclosures.
Late Tuesday, Zee had informed the exchanges that Invesco had been pushing the company for a deal with an investor other than Sony, without naming the investor. Zee said it had rejected that deal as it was not in in the interests of the company’s shareholders.
Invesco has rejected the claim.
“The role of Invesco, as Zee’s single largest shareholder, was to help facilitate that potential transaction and nothing more,” the release said.
“We have made various sincere efforts over the last two years to bring Zee back to good health. Discussions around strategic alignments have been just one part of this effort,” the release said.
“Zee’s 12 October disclosure is yet another tactic to delay an EGM that will give shareholders their right under Indian law to vote for a slate of independent trustees and pave the way for a healthier future for Zee,” the release said.
Earlier this week, Invesco had issued a statement reiterating its call for an overhaul of the Zee board and also expressed concerns that the deal on Zee’s proposed merger with Sony India would benefit the Zee promoters while harming the interests of the minority shareholders.
(Edited by : Anshul)
First Published: IST