US investment firm Invesco is set to cut its holding in Zee Entertainment by more than a third to 11 percent, it said on Wednesday, days after abandoning an attempt to shake up the management at the Indian media company.

Invesco, which currently owns 18 percent of Zee through its funds, had earlier sought the ouster of Zee’s chief executive officer and the appointment of new independent board members, alleging corporate governance issues, but later abandoned the plan. Zee has denied any wrongdoing.

Earlier, in March, Invescohad said it would abandon efforts to shake up top management at Zee Entertainment, citing a planned merger between the Indian TV network and the local unit of Japan’s Sony Group, Sony Pictures Networks India.

Although Invesco recently won an Indian court order to call a meeting of Zee shareholders, it said it had decided not to pursue the issue.

“Following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company,” Invesco said in a statement mid-March.

Zee had welcomed Invesco’s decision, saying the Sony merger, which was announced last September, was in the “best interest of all the stakeholders”.

Invesco had said, however, it would continue to monitor the progress of the proposed merger and if it failed, it might again seek a Zee shareholder meeting.