Is it true the Reliance was also trying to make a bid for Zee Entertainment?

That is what has emerged in the latest exchange of letters between Invesco Fund and Zee Entertainment. This has also been confirmed by Reliance Industries, which actually hinted that it regretted getting involved in the battle between the promoters of Zee Entertainment and Invesco Fund. Meanwhile, Invesco Fund has admitted that it facilitated talks between Reliance and Zee for a possible merger, which did not really go through.

Invesco has flatly rejected Zee’s allegations that Invesco was acting as an agent for select corporate interests. Subhash Chandra had accused Invesco of trying to engineer a hostile takeover of Zee using its 17.88% holding in the company. However, Invesco says it only tried to facilitate the deal with Reliance. Incidentally, Reliance already has a vast media presence including VH1, Nickelodeon, MTV and a range of TV channels, including Network 18.