![]() ![]() Zee’s shares have plunged 50% from a 2018 record.Īt stake is a company that commands 17% of the Indian media and entertainment market, reaching more than 600 million people. Invesco, unhappy with the way Zee is run, wants to remove Chandra’s son Punit Goenka as its CEO, overhaul the board and get a new owner. While Chandra’s son is running Zee as chief executive officer, the media mogul is looking for ways to raise his family’s shareholding. His family’s stake in Zee Entertainment is down to less than 4% after he pledged shares to pare debt owed by his wider conglomerate Essel Group. This time, the 70-year-old tycoon, known for his distinctive black-and-silver hairstyle, risks losing control just as Zee’s prospects are looking up, with the advent of streaming. More than two decades later, India’s largest publicly traded entertainment network is back at the centre of a complicated boardroom feud: Chandra and his supporters versus Atlanta-based Invesco Developing Markets Fund, Zee’s biggest shareholder with an 18% stake. In 1998, when his then partner Rupert Murdoch attempted to buy out their thriving five-year-old Indian television venture, the entrepreneur deftly fended off the billionaire to wrest back control of what became Zee Entertainment Enterprises Ltd. ![]() NEW DELHI: Subhash Chandra is no stranger to corporate battles. ![]()
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