The merger proposal by Invesco with the "strategic group'', would have led to a massive loss to Zee shareholders in the absence of any valuation reports, Goenka had informed the court. The Chandra family lost control of the company after the promoter entities defaulted on bank loans taken for the infrastructure sector. The family sold shares in Zee to repay banks and their stake fell to 4 per cent as a result. In December, Zee proposed a merger with rival Sony Entertainment Network India, which is currently awaiting regulatory approvals. In September, just before Zee's annual general meeting, Invesco had asked the company to hold an extraordinary general meeting of shareholders. As per the EGM notice, Invesco sought to remove three directors from the Zee's board, including Goenka. After Zee refused to respond to the EGM notice, Invesco moved the National Company Law Tribunal (NCLT) in Mumbai, which directed Zee to consider the requisition in accordance with law.