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Zee’s board on Friday rejected calls from Invesco Developing Markets Fund and OFI Global China Fund LLC for an extraordinary general meeting, citing the lack of approvals required from India’s capital markets regulator and the federal broadcasting ministry for initiating changes to a company’s board.
Invesco and OFI, which together own 17.88% of Zee, want its chief executive Punit Goenka to be removed and a board revamp.
The two investors filed a petition at India’s companies court after Zee last week signed a merger deal with Sony (NYSE:SONY) Group Corp’s India unit to create the country’s largest broadcaster.
Goenka is set to become head of the new venture.
The next hearing for the case is scheduled for Oct. 4.
