A guard stands next to a tent of Zee television behind a film studio in Mumbai.
MUMBAI Reuters -- The ZEE Entertainment Enterprises said on Saturday it had filed a petition in court against a notice issued by two institutional investors calling the media company to call a meeting of shareholders.
Zee's Board accepted calls from Invesco Developing Markets Fund and OFI Global China Fund LLC for an extraordinary general meeting, citing the lack of approvals required by Indian capital market regulator and the federal broadcasting ministry for initiating changes to a company's board.
Invesco and OFI, who jointly own 17.88% of Zee, want their chief executive Punit Goenka removed and a board restructuring.
The two investors filed a petition in India's Company Court after Zee signed a merger with Sony Group Corp's India unit last week to create the nation's largest broadcaster.
Goenka is set to become the head of the new venture.
The next hearing for the case is scheduled for Oct. 4.