On 11 September 2021, Invesco asked Zee management to call shareholders an "extraordinary general meeting" (EGM) to consider its demands. One of the main demands was the removal of Punit Goenka, son of the Zee Network founder.[31] However Zee board rejects a demand from Invesco to convene an extraordinary general meeting.[32] Invesco Developing Market Funds Moves to National Company Law Tribunal (NCLT) and Bombay High Court seeking a mandatory order for Zee Enterprises Entertainment Limited (ZEEL) to call the extraordinary general meeting (EGM) that the shareholder has been demanding.[33][34]
Zee Board replied to Invesco's open letter saying they didn't care about the company, and Invesco was not motivated by concerns related to any corporate governance issue[35] but "by the events that transpired during February–April 2021 pointing Invesco purposed deal with Reliance Industries.[36]
On 21 October, Bombay High Court asked the Zee board to call EGM as demanded by shareholder Invesco, and Counsel appearing for Zee Entertainment said the company will inform the date of the EGM by the morning of 22 October.[37][38]
On 22 October, Zee replied to the court that the board can't give a nod to something that will turn out to be illegal,[39] so HC postponed hearing of the Zee-Invesco matter to 26 October. Also, on 26 October Bombay High Court had restrained Invesco from taking any action in furtherance of their requisition notice (to call an EGM).[40]
On 7 December, Invesco headed towards a resolution expected to back the merger deal with Sony as long as the Goenka family does not get any preferential equity.[41]
On 22 December, Board of Zee signed definitive agreements with Sony after received approval from its board of directors[42]
