Invesco's actions motivated by circumstances extraneous to the company's performance

The Zee Board, in a stock exchange filing today, said Invesco's actions over the past few weeks have been motivated by circumstances extraneous to the company's business or performance or the issues of corporate governance or public interest.

"The board of directors of the company (board) held a meeting today, on 12 October 2021, to consider a note addressed to them, by the Managing Director (MD) and chief executive officer (CEO) Punit Goenka," the company said in a statement.

The note, said the company, explained certain events that transpired between Punit Goenka and Aroon Balani and Bhavtosh Vajpayee, the representatives of Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC (collectively, Invesco).

According to the Zee board note, a deal was presented by Aroon Balani and Bhavtosh Vajpayee, the representatives of Invesco, to Punit Goenka in February 2021, which involved the merger of the company and certain entities owned by a large Indian group (Strategic Group).

Upon completion of the aforesaid merger, the Strategic Group would have held a majority stake in the merged entity and Goenka would have been appointed as its MD & CEO, the note submitted to the company board said. It said Goenka expressed his "apprehension" to Invesco that as the merging entities of the Strategic Group were "over-valued", it would result in a loss to the "stakeholders".