Media baron Subhash Chandra is no stranger to the corporate battles.
The latest is between Chandra and his supporters versus Atlanta-based Invesco Developing Markets Fin.
Invesco is Zee’s biggest shareholder with an 18% stake.
A court in Mumbai has temporarily restrained Invesco from calling a shareholder meeting.
This is a crucial win for Zee and its founder Chandra.
Invesco is unhappy with Zee’s operations.
It wants to remove Chandra’s son Punit Goenka from the CEO position.
After the verdict, Zee’s shares advanced 6.8% in Mumbai trading.
Chandra’s family’s stake in Zee Entertainment is less than 4%.
This is after he pledged shares to pare debt owed by his wider conglomerate Essel Group.
