The war is not over at Zee Entertainment. While most of the brokerages have given their verdict on the management change as well as the board revamp, but it all boils down to a numbers game and the vote share that each of the parties, Invesco Developing Markets Fund as well as Essel Group manage to garner. There is enough time of 21 days from the requisition of the EGM. This is the timeframe within which the board needs to call for an EGM and another 21 days to execute it. So, a little over 40 days is what they have.

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Now, we have already seen that there was frantic activity in terms of bulk purchase of Zee Entertainment, right after the EGM requisition. In fact, Rakesh Jhunjhunwala, also bought half percent, BofA Securities had 1 percent already, they have upped it to 1.50 percent and there are many other players including case in point, the single largest other investor apart from Invesco, LIC.

What I gather from sources with direct knowledge is that Essel Group is going on a two-pronged strategy to wage a war to combat Invesco. First is going to be garnering the vote share and there, they have a good amount of insights on the numbers in terms of the voting pattern because for Manish Chokhani, as well as Ashok Kurien, the voting was done, even though it was defunct later on because of their resignation, so they have an inkling.

On the other hand, they could be looking at a white knight. You will remember that in 2019, when the lenders wanted to take over the company because of the huge debt pile, the company Essel Group had brought in Oppenheimer Invesco as a white knight Investor and averted losing control.

At this time also, sources with direct knowledge have been sharing with us that they are scouting for such a white knight that could even now, make a voluntary open offer. It is a widely held company so there will be a share pattern and voting will be much more democratic, but who gets more support will be the clear winner.

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Zee Entertainment AGM: From resignations of two directors to Goenka's response; here are key highlights

(Edited by : Dipika)