Zee Group founder Subhash Chandra says major investors are looking to acquire the company

The India’s Zee founder made a rare appearance on the media company’s Hindi news channel late on Wednesday, accusing institutional investor Invesco of hatching a hostile takeover plot.

Subhash Chandra, who founded Zee TV in the early 1990s, said, “I urge Invesco to behave like a shareholder, not an owner.

Chandra currently does not hold any official position in Zee, but his son Puneet Goenka is the CEO and the family owns 3.99% of the company.

And his remarks come as Zee prepares to merge with the Sony Group’s Indian arm in a deal that would put Goenka as the owner of what would become the country’s largest broadcaster.

Invesco did not immediately respond to a request for comment.

Invesco Developing Markets Fund and OFI Global China Fund LLC, which together account for 17.88% of Zee’s shares, want the company’s chief executive officer Goenka to move away and the board revamped.

Funds has filed a case in a corporate court in India to pressure Zee to convene an Extraordinary General Meeting (EGM) of shareholders, a demand the company’s board has denied approval by the capital markets regulator and the federal government. cited has been rejected.

Invesco and OFI filed a case in court after Zee said it was planning to merge with Sony.

On Wednesday, Chandra, with tears in his eyes, made an emotional appeal to Zee’s Indian shareholders and the federal government to save the media company.

“Something has changed at Invesco… either it’s a Chinese company that’s not afraid of anybody or I don’t know,” Chandra said.

“I would also urge the Zee board to tell Invesco that we have agreed to call an EGM but you tell us what your deal is. We will put the Invesco deal and Sony deal before the shareholders and let them decide.”

Separately, Zee has approached an appellate companies tribunal against a lower court order that asked it to file a reply in the Invesco case by October 7, Reuters had previously reported.

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