<p>Top shareholders of Zee Entertainment Enterprises renewed their call for an extraordinary general meeting to remove Chief Executive Punit Goenka from the board, the <em>Business Standard</em> <a href="https://www.business-standard.com/article/companies/invesco-reiterates-demand-to-oust-punit-goenka-from-zee-entertainment-121092501187_1.html" target="_blank">reported</a>, citing a letter.</p>.<p>The letter from Invesco and OFI Global China Fund dated Sept. 23 follows the company's disclosure of a merger deal with Sony Group Corp's India unit last week.</p>.<p>Invesco and OFI did not immediately respond to <em>Reuters</em> request for comments, while Zee said it will take necessary action as per the law.</p>.<p>According to the Zee-Sony deal, the majority of directors of the merged entity will be named by Sony Group, while Goenka will become the managing director and CEO.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/zee-sony-pictures-merger-deal-heres-all-you-need-to-know-1033075.html" target="_blank">Zee-Sony Pictures merger deal: Here's all you need to know</a></strong></p>.<p>The deal was expected to ease the pressure Zee was facing from Invesco and OFI, which together hold a 17.88 per cent stake, for a management reshuffle.</p>.<p>However, in the letter, the two shareholders said Zee's disclosure of the deal was "symptomatic of the erratic manner in which important and serious decisions have been handled at the company".</p>.<p>Earlier this month, Invesco and OFI had asked Zee to remove Goenka and two directors and sought the appointment of independent directors to the media and entertainment company.</p>.<p>Last week, Zee and Sony signed an exclusive, non-binding term sheet, creating a television powerhouse with about 75 news, entertainment, sports and movie channels in more than 10 languages.</p>.<p>The combined entity would be India's biggest player, with a market share of 27 per cent, outstripping that of top rival Walt Disney Co.</p>.<p>The two companies will conduct due diligence and finalise definitive agreements in 90 days to present the merger proposal to shareholders, they said.</p>.<p>Zee shares fell as much as 5.3 per cent in morning trade.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>Top shareholders of Zee Entertainment Enterprises renewed their call for an extraordinary general meeting to remove Chief Executive Punit Goenka from the board, the <em>Business Standard</em> <a href="https://www.business-standard.com/article/companies/invesco-reiterates-demand-to-oust-punit-goenka-from-zee-entertainment-121092501187_1.html" target="_blank">reported</a>, citing a letter.</p>.<p>The letter from Invesco and OFI Global China Fund dated Sept. 23 follows the company's disclosure of a merger deal with Sony Group Corp's India unit last week.</p>.<p>Invesco and OFI did not immediately respond to <em>Reuters</em> request for comments, while Zee said it will take necessary action as per the law.</p>.<p>According to the Zee-Sony deal, the majority of directors of the merged entity will be named by Sony Group, while Goenka will become the managing director and CEO.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/zee-sony-pictures-merger-deal-heres-all-you-need-to-know-1033075.html" target="_blank">Zee-Sony Pictures merger deal: Here's all you need to know</a></strong></p>.<p>The deal was expected to ease the pressure Zee was facing from Invesco and OFI, which together hold a 17.88 per cent stake, for a management reshuffle.</p>.<p>However, in the letter, the two shareholders said Zee's disclosure of the deal was "symptomatic of the erratic manner in which important and serious decisions have been handled at the company".</p>.<p>Earlier this month, Invesco and OFI had asked Zee to remove Goenka and two directors and sought the appointment of independent directors to the media and entertainment company.</p>.<p>Last week, Zee and Sony signed an exclusive, non-binding term sheet, creating a television powerhouse with about 75 news, entertainment, sports and movie channels in more than 10 languages.</p>.<p>The combined entity would be India's biggest player, with a market share of 27 per cent, outstripping that of top rival Walt Disney Co.</p>.<p>The two companies will conduct due diligence and finalise definitive agreements in 90 days to present the merger proposal to shareholders, they said.</p>.<p>Zee shares fell as much as 5.3 per cent in morning trade.</p>.<p><strong>Check out latest DH videos here</strong></p>