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Invesco says will not pursue EGM since Zee-Sony deal achieves its purpose

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Invesco says will not pursue EGM since Zee-Sony deal achieves its purpose

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Invesco said the board of the newly combined company (Zee-Sony) will be substantially reconstituted, which will strengthen its board oversight.The statement said Investco will continue to monitor the proposed merger progress and if the merger is not completed as proposed, it retains the right to requisition a fresh EGM.

Invesco, the largest shareholder of Zee Entertainment, on Wednesday said the company has decided not to pursue the extraordinary general meeting (EGM) since Zee-Sony deal achieves its purpose.
It said the board of the newly combined company (Zee-Sony) will be substantially reconstituted, which will strengthen its board oversight.
The statement said Invesco will continue to monitor the proposed merger progress and if the merger is not completed as proposed, it retains the right to requisition a fresh EGM.
Invesco Developing Markets Fund, which has an ownership interest of nearly 18 percent in Zee Entertainment, has welcomed Bombay High Court’s decision recognising Invesco’s requisition for an extraordinary general meeting (EGM) as legally valid. The court also upheld Invesco’s right to requisition an EGM at Zee.
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"We are pleased with the Bombay High Court’s ruling, which we view as an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold Boards accountable to their shareholders. The ruling is a boon for corporate governance in India and a win for shareholder democracy," the statement said.
"Since we announced our intention to requisition an EGM and add six independent directors to Zee’s Board of Directors, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders."
"We also recognise that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company. Given these developments, and our desire to facilitate the transaction, we have decided not to pursue the EGM as per our requisition dated 11 September 2021."
Invesco is a global independent investment management firm that delivers a comprehensive range of active, passive and alternative investment capabilities.
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