Zee Entertainment's Investors Move Company Law Tribunal Seeking To Hold Shareholders Meet

Zee Entertainment Enterprises said on Wednesday its top shareholders had approached National Company Law Tribunal (NCLT) asking the media and entertainment company to hold an extraordinary general meeting (EGM).

Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold a 17.88 per cent stake in Zee, filed a petition with the NCLT's Mumbai bench, the company said in a filing to the exchange.

The investors had earlier this month asked Zee to remove Chief Executive Officer Punit Goenka and two directors from the board and to appoint independent directors.

Meanwhile, Zee last week signed a merger deal with Sony Group Corp's India unit to create the country's largest broadcaster, with Mr Goenka set to become the merged entity's managing director and chief executive officer.

Zee, in a separate filing on Wednesday, disclosed that Invesco and OFI had requested the company to conduct an EGM in a letter dated September 23.

In the letter, Invesco and OFI had said Zee's disclosure of the Sony deal was "symptomatic of the erratic manner in which important and serious decisions have been handled at the company," a section of media had reported

Invesco and OFI did not immediately respond to Reuters' requests for comment.