Days after the announcement of the grand merger of Zee Entertainment Enterprises Ltd (ZEEL) with Sony Group Corp’s Indian unit, Sony Pictures Networks India (SPNI), there has been some fresh turn of events. The company is now facing a tussle with two of its institutional investors. This has led ZEEL to approach an appellate tribunal on Wednesday to sort out differences amicably.
The institution’s largest shareholders – Invesco Developing Markets Fund and OFI Global China Fund LLC own a combined 17.88% stake in ZEEL. Earlier, the two investors demanded a special shareholders’ meeting, which was rejected by the company’s board.
Meanwhile, Zee Group Chairman Dr Subhash Chandra on Wednesday questioned Invesco’s malicious intent and alleged that it is trying to acquire the company in a clandestine manner. Dr Chandra said that Invesco should resolve the matter peacefully.
If we delve into the details about Invesco, it will not be hard to understand that the Zee Group Chairman’s doubts have very strong roots in the shareholder’s past records which is dubious.
What is Invesco
Invesco Ltd is an American independent investment management company that is headquartered in Atlanta, Georgia, US.
The United States-based Invesco Ltd has branch offices in 20 countries around the world.
Invesco operates under the Invesco, Trimark, Invesco Perpetual, WL Ross & Co, and Powershares brand names.
Invesco was created in Atlanta in 1978 when Citizens & Southern National Bank divested its money management operations.
In 1988, the company was purchased by the British firm Britannia Arrow, based in London, which later took the INVESCO name.
In 1997 INVESCO PLC merged with AIM Investments. In 2007 the company reverted to the Invesco name.
Upon completion of the merger, the company adopted the name Amvescap.
In May 2007 it changed its name to Invesco (initial cap only) PLC and moved its primary stock market listing to the New York stock exchange.
Earlier it was listed on the London Stock Exchange. It then became domiciled in Bermuda, adopting the name Invesco Ltd.
On October 19, 2009, Invesco bought Morgan Stanley’s Retail Unit, including Van Kampen Investments for USD 1.5 billion.
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