ZEE shares tumble as Invesco presses on with call to recast co’s board

NEW DELHI: Shares of Zee Entertainment Enterprises (ZEE) shed over 1 per cent on Tuesday after investment firm Invesco continued its call for a change in the management and board of the media mogul.

At 11:33 hours (IST), shares of ZEE were at Rs 300.4 on BSE down 1.33 per cent.

On Monday, US-based Invesco, which along with OFI Global China Fund, holds an 18 per cent stake in the company, asked shareholders of Zee to join it in asking why the founding family should benefit at the expense of investors.

Invesco had, last month, served a notice on ZEE for an extraordinary general meeting to recast the board and remove Punit Goenka (son of Zee’s founder Subhash Chandra) as the CEO and MD following charges of corporate governance issues.