Why is Invesco still objecting to Punit Goenka heading Zee despite approving the merger of Zee and Sony Pictures?

The Zee saga began with Invesco and OFI Global China fund demanding the removal of Punit Goenka from the position of CEO and MD of Zee Entertainment. Things did take a turn after the merger was announced with Sony Pictures with the continuation of Punit Goenka as CEO for five years part of the term sheet. While Invesco had voted for the merger, they have reiterated their demand for the removal of Punit Goenka from the post of MD and CEO.

While Invesco did vote in favour of the merger deal, their contention is that they want the newly constituted board of the Zee Sony combine to evaluate the demand independently. At the outset, Invesco and OFI Global China had objected to the continuation of Punit Goenka on the grounds that they were exercising overt influence with just 3.44% stake. Zee Entertainment and Sony Pictures will merge in the ratio of 53:47 in favour of Sony.