The corporate battle between Zee Entertainment Enterprises Ltd (ZEEL) and its largest shareholder, the Atlanta, Georgia-based Invesco fund, has once again put the spotlight back on Indian companies’ transparency and corporate governance norms.
 
In a previous recent corporate war, the Tata group versus Cyrus Mistry, the estranged former group chairman, the Mistry camp accused the Tatas of corporate governance lapses and lack of transparency. The Supreme Court did not find any merit in the charges and Mistry’s petition was dismissed. Similar accusations were also made in the fight between the Ambani brothers in the early 2000s but nothing was proved in the court.
 
In Zee, however, both the board and the Oppenheimer-backed fund are accusing each other of corporate governance lapses in their battle to control the Rs 6,665-crore company.
 
The fight between Zee and Invesco started when the latter asked the company to rem