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Mergers and acquisitions can get messy if there’s more than a single suitor for a target, but the wheels within wheels of Zee’s case can make heads spin. Zee Entertainment Enterprises Ltd was being wooed by Sony and eyed by Reliance, the “strategic group" on whose behalf Zee alleged its equity-stakeholder Invesco was trying to have it taken over. On Wednesday, Invesco, a fund that sought the ouster of Zee’s chief Punit Goenka, named the group in its response, claiming that its only role was as a deal facilitator. The fund also backed Zee’s claim that it rebuffed a Reliance proposal earlier this year.

Earlier this year, our broadcast industry was abuzz with word of Zee being in talks with Reliance-owned Viacom18 for a share-swap merger. By the time Sony’s offer hit the news this September, Invesco had pushed for a special shareholder vote on Goenka’s position at Zee. It went legal after that. The points of law in contention concern Invesco’s authority to call a shareholder vote on Goenka’s position at Zee, whether such a demand should trigger an open offer under our takeover code, as Zee argued, and its validity. The case is at the Bombay high court now, taken by Zee. Stay tuned.

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