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Invesco seeking EGM to avenge Reliance deal rejection: Punit Goenka

In an affidavit to the NCLT, Goenka alleged that the investor wants control of the company board to sabotage ZEEL's merger with SPNI

by exchange4media Staff
Published - Oct 23, 2021 7:41 AM Updated- Oct 23, 2021 9:01 AM

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ZEEL MD and CEO Punit Goenka has alleged that Invesco wants to push him out of the company's board for rebuffing the investor's proposal. As is known, Invesco was facilitating a merger deal between Reliance's media firms and ZEEL. However, the deal was stalled by Punit Goenka who has claimed that this was done to protect the shareholder value.

According to a leading English business daily, Goenka, in an affidavit to the National Company Law Tribunal (NCLT), said that Invesco’s actions were far more than merely facilitation. He also alleged that Invesco’s requisition notice, to ensure wholesale changes to the company’s board, was to teach him a lesson for having rebuffed their proposal.

“They were clearly intended to put pressure on me to get ZEE to consummate the deal as presented by them – based on pre-agreed terms that ZEE or its management had no role in negotiating,” Goenka submitted. “The allegation of corporate governance being the trigger for their actions, or the deal not progressing on grounds that warrants were demanded by me or the promoter group, is a bogey.”

Invesco, Goenka claimed, is seeking control of the company’s board and trying to sabotage the proposed merger with Sony Pictures Networks India (SPNI). He contended that Invesco’s sudden and abrupt issuance of the requisition notice seeking his removal from the board smacks of malafide and motivated action. He also alleged that Invesco is not acting in the interest of ZEE and/or the public shareholders at large.

"Invesco is camouflaging their true motives to interfere and change the management of ZEE at the behest of a third party, in order to take control and achieve their self-serving goals while positioning their action as a matter of ‘corporate governance’," the affidavit reads.

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