Two of the largest investors of Zee Entertainment Enterprises Ltd (ZEEL) – Invesco Developing Markets Fund and OFI Global China Fund LLC – had presented a deal to Punit Goenka in February 2021, involving the merger of ZEEL and certain entities owned by a large Indian group (Strategic Group). This was stated by the ZEE MD and CEO in a letter address to the ZEE Board. According to Goenka's letter, Aroon Balani and Bhavtosh Vajpayee, representatives of Invesco, had presented the deal. Goenka's letter comes amid the power struggle between the owners of ZEE and Invesco. In his letter to the ZEE Board, Goenka mentioned that he had expressed his apprehension to Invesco that as the merging entities of the Strategic Group were over-valued and would result in a loss to the stakeholders of the company.