India's Zee appeals in case by investors demanding shareholder meet - Reuters India

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Punit Goenka, CEO and managing director of Zee Entertainment Enterprises, attends a news conference before the Zee Cine Awards in Macau January 21, 2012. REUTERS/Bobby Yip/File Photo

NEW DELHI, Oct 6 (Reuters) - India's Zee Entertainment (ZEE.NS) has approached an appellate tribunal in a case brought by two institutional investors calling for a shareholders' meet ahead of a merger planned with Sony Group (6758.T) to create the nation's largest broadcaster.

As Zee pushes back against the demand by Invesco Developing Markets Fund and OFI Global China Fund LLC, which together account for 17.88% of its shares, the media company said on Wednesday it had gone to an appellate tribunal over the matter.

"The company has moved to the National Company Law Appellate Tribunal (NCLAT) in accordance with due process under the law," Zee said in a statement, but without giving the reason for its appeal.

Invesco and OFI Global did not immediately respond to a request for comment.

On Tuesday, a panel of the National Companies Law Tribunal (NCLT) in India's financial capital of Mumbai had set an Oct.7 deadline for Zee to reply to the two investors' case regarding the meeting of shareholders.

A source directly aware of the matter told Reuters that Zee had gone to the higher NCLAT tribunal because it had not been given enough time to reply.

The source sought anonymity as the matter is a sensitive one.

Invesco and OFI Global want a new chief executive to take over the reins of the company, as well as a revamp of its board.

They petitioned the Mumbai tribunal last week after Zee signed the deal for the planned merger with Sony's India unit. read more

Separately, Zee has filed a petition in the Bombay High Court against a notice by Invesco and OFI Global calling for the shareholders' meeting. read more

The high court petition was filed a day after Zee's board rejected the two investors' demand, citing a lack of approvals by India's capital markets regulator and its broadcasting ministry for changes to the company's board.

Reporting by Sankalp Phartiyal; Editing by Jason Neely and Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

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