The founder of Zee made a rare appearance on the media company’s Hindi news channel late on Wednesday, accusing institutional investor Invesco of plotting a hostile takeover.
“I urge Invesco to behave like a shareholder not like the owner.. they want to take over this company in defiance of India’s laws,” Subhash Chandra, who founded Zee TV in the early 1990s said.
Invesco did not immediately respond to a request for comment.
Earlier today, Zee Entertainment Enterprises Limited had approached the National Company Law Appellate (NCLAT) in a bid to stay the National Company Law Tribunal’s (NCLT) order which had sought Zee’s reply on a plea moved by its shareholder Invesco.
On Tuesday, the NCLT had asked Zee to file a reply by October 7 on Invesco’s plea seeking a legal order for holding an extraordinary general meeting (EGM) of the company.