India media giant ZEE, en route to a merger with Sony India, is fighting to hold onto its CEO Punit Goenka.
Invesco, a major investor in ZEE, while supporting the merger is demanding that Goenka be removed along with some of the Zee board members.
ZEE on October 2nd confirmed that it had filed a court petition against a notice by two of its institutional investors (Invesco and OFI Global) who are demanding an EGM be called. Invesco and OFI own almost 18 per cent of ZEE between them.
ZEE says that India’s Capital Markets regulator would need to be involved for such a major shake up and that the country’s broadcasting ministry would also need to be consulted.
A court hearing is due to be held on October 4th.