Sony-Zee TV merger overcomes Invesco opposition

The impasse round Japanese conglomerate Sony Corp’s transfer to merge its Indian subsidiary Sony Pictures Networks India with homegrown TV channel Zee Entertainment has eased with the latter’s biggest shareholder opting in opposition to litigation to dam the merger.

Invesco Developing Markets Fund, which owns an 18% stake in Zee Entertainment, has determined to again the Zee merger with Sony and withdraw its requisition understand, which sought the removing of managing director and CEO Punit Goenka from Zee’s board. This comes days after Invesco received its attraction in opposition to Zee Entertainment within the Bombay High Court.

However, the USA funding corporate stated it is going to proceed to watch the proposed merger’s development. If the merger isn’t finished as these days proposed, Invesco keeps the suitable to requisition a contemporary atypical basic assembly (EGM) of shareholders, it stated.

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