Zee questions motives of Invesco over its push for shakeup

A guard stands next to a banner of Zee television outside a film studio in Mumbai. Credit: Reuters Photo

India's Zee said on Tuesday a push by US investor Invesco for a management shakeup at the Indian media firm before its planned merger with Japan's Sony Group was not related to any legal governance or business performance issues.

Invesco, which has an almost 18 per cent stake in Zee, has said terms of the planned Zee-Sony merger gave Zee's founding family an option to ramp up their stake to 20 per cent from 4 per cent via methods the US firm called "wholly opaque", saying some shareholders would be unfairly rewarded at the expense of others.

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