© Reuters. FILE PHOTO: A guard stands by a Zee television banner outside a film studio in Mumbai, India, on Sept. 24, 2021. REUTERS / Francis Mascarenhas
MUMBAI (Reuters) – India’s Zee Entertainment Enterprises said on Saturday it had filed a petition in court against a notice issued by two institutional investors urging the media company to convene a shareholders meeting.
On Friday, Zee’s board rejected calls from Invesco Developing Markets Fund and OFI Global China Fund LLC for an extraordinary general meeting, citing the lack of required approvals from India’s capital markets regulator and the federal broadcasting ministry for initiate changes in the board of a company.
Invesco and OFI, which together own 17.88% of Zee, want its chief executive, Punit Goenka, to be removed and the board to be renewed.
The two investors filed a petition in India’s corporate court after Zee last week signed a merger agreement with Sony (NYSE 🙂 Group Corp’s India unit to create the country’s largest broadcaster.
Goenka will become director of the new company.
The next hearing in the case is scheduled for October 4.
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