YES Bank, which holds 26% stake of Dish TV, has sought to remove Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal and Ashok Kurien from the board of Dish TV besides Jawahar Goel
The public battle between the broadcasting giant and a key institutional shareholder has precipitated a high-decibel debate on corporate governance practices
Live news updates: Carlyle and other investors will withdraw their open offer to its shareholders; Zee accuses Invesco of double standards.
Goenka questioned the intention of Invesco while pointing fingers at the investment firm over corporate governance for not making public a proposed deal Reliance Industries earlier
In a letter, Zee MD and CEO, Punit Goenka asked why Invesco was silent when it made the EGM requisition about its role as an investment banker
Live news updates: Reliance says it regrets getting drawn into the dispute between the Indian TV network and the American investment company.
'We will ensure that no one maligns the intrinsic value of this company for their own benefit,' Zee CEO Punit Goenka said, making his first public statement in the dispute with Invesco
The BSE m-cap stood at Rs 272.8 trillion by close
"The role of Invesco, as Zee's single largest shareholder, was to help facilitate that potential (Reliance) transaction and nothing more," Invesco said
The war of words between Invesco and ZEEL shows that minority shareholders were not in the loop about the acquisition talks till Tuesday
The lender, which holds 25.93% stake stake in Dish TV, had sought the removal of the firm's directors Jawahar Lal Goel and four others, and appointment of its own nominees
Zee said it is dismayed that in the open letter, Invesco has also cast unsubstantiated aspersions on Zee's management and has made comments in relation to the 'permissive culture' of the Board
'Never resorted to any hostile transactions,' clarifies RIL
Sectorally, all but the Nifty Realty index ended the session in the green led by the Nifty Auto index (up 3.4 per cent).
ZEEL says Invesco had approached Punit Goenka, its managing director and chief executive officer, with a merger proposal.
Proposal would have led to Rs 10,000-cr loss to shareholders, says firm
In its letter on Monday, Invesco said the lack of clarity around key aspects of the Zee-Sony announcement should concern all shareholders
Invesco has in Indian tribunal hearings said it's not against the Zee-Sony plan, but its filing does criticize how the two entered into talks.
On October 2, ZEEL said it has moved the Bombay High Court against the requisition of minority shareholders Invesco and OFI Global China Fund, to convene an EGM
NCLAT directs NCLT to allow Zee a reasonable and sufficient opportunity to file reply