Reaffirms its support for the Zee-Sony merger as currently planned; Decides not to proceed with the Extraordinary General Meeting
MUMBAI, India, March 24, 2022–(BUSINESS WIRE)–Invesco Developing Markets Fund (“Invesco”), the majority shareholder of Zee Entertainment (NSI: ZEEL) (“Zee” or the “Company”) with a nearly 18 percent stake, made The following statement today on the Bombay High Court decision validating Invesco’s application for an EGM and upholding Invesco’s right to apply for an EGM at Zee:
We are pleased with the Bombay High Court’s decision, which we believe is an important support for shareholder rights in India and the mechanisms by which a board of directors can be held accountable to shareholders under Indian law. The decision is very positive for corporate governance in India and a victory for the democratic rights of shareholders.
Zee has entered into a merger agreement with Sony since we announced our intention to require an Extraordinary General Meeting to be called and to appoint six independent directors to Zee’s board of directors. We continue to believe that this deal, in its current form, is potentially of great value to Zee shareholders. We also recognize that the combined company’s board of directors will essentially be reconstituted once the merger is complete., thus achieving our objective of increasing the supervision of the company. In light of these developments and our desire to facilitate the transaction, we have decided not to proceed with our request for an EGM per our September 11, 2021 letter.
Invesco will continue to monitor the progress of the proposed merger. If the merger is not completed as currently planned, Invesco reserves the right to request a new AHV call.
About Invesco Ltd
invesco ltd is an independent, global investment management firm dedicated to providing an investment experience that enables investors to get more out of life. Our experienced investment teams offer a full range of active, passive and alternative investment opportunities. With offices in more than 20 countries, Invesco manages $1.6 trillion in assets for clients around the world as of December 31, 2021. For more information, visit www.invesco.com.
About Invesco Developing Markets Fund and our commitment to India
Invesco Developing Markets Fund is a US registered investment firm with approximately $45.2 billion in assets under management as of December 31, 2021. Invesco Advisers, Inc. acts as investment advisor to the Fund. Invesco Advisers, Inc. is an indirect wholly owned subsidiary of Invesco Ltd.
As of December 31, 2021, Invesco Developing Markets held US$7.9 billion (approximately INR 59 billion rupees) of strategic investments in India, representing approximately 17.3% of the company’s total assets under management worldwide. world. This exposure represents a significant overweight to India in our global allocation and illustrates our continued belief that India faces a strong and dynamic economic future. Furthermore, these investments, including Zee, are almost all long-term and reflect our investment history of more than 15 years in India.
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