There has been much brouhaha and anguish in the shareholder forums, proxy advisory firms and among activists over the judgment pronounced by Hon’ble Justice G S Patel of the Bombay High Court on October 26 in the matter of Invesco Developing Markets Fund and Zee Entertainment Enterprises (ZEE).
The facts of the case, going entirely by the disclosures available in the public domain and in the judgment, are: Subhash Chandra, the “promoter” of Zee, and his family currently own 3.99 per cent in ZEE. Invesco, along with OFI Global China Fund, is the largest investors of Zee, holding 17.88 per cent,
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