invesco: Rebuffing merger plan irked Invesco: Zee MD – Times of India

MUMBAI: Zee Entertainment MD Punit Goenka has alleged that the corporate’s biggest investor Invesco’s transfer to take away him from the board is to “teach me a lesson” for rebuffing its merger proposal with the media arm of a big Indian conglomerate. In a 25-web page affidavit filed with the National Company Law Tribunal (NCLT), Goenka stated Invesco’s transfer for a board reshuffle was once “calculated”, with an intent to “control the company”, “disturb the existing management” and to “sabotage the proposed merger with Sony Pictures”.
Besides the elimination of Goenka, Invesco has sought the induction of a couple of impartial administrators at the board of Zee. Goenka didn’t title the Indian conglomerate in his affidavit however Invesco had in the past published that it had facilitated talks between the Zee MD and Reliance Industries. Goenka stated he rejected Invesco’s merger proposal as it might have ended in a large loss to Zee shareholders within the absence of any valuation stories.
Goenka published that all through his calls with the Indian conglomerate’s representatives, he was once informed that if he sought data on valuation, they wouldn’t have an interest within the merger. “In short, I was told that since no money was coming out of my pocket and my position (as MD in the proposed merged entity) was being secured, I should not be asking any questions and should focus on getting the deal done.” The MD additional stated that he was once informed that if he was once unwilling to transport ahead, then Invesco would take steps to make sure the deal would must be consummated with out him.
NCLT will pay attention the topic on October 26.

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