Zee approaches NCLAT, seeks more time to respond

Zee Entertainment Enterprises Ltd on Wednesday approached an appellate tribunal in a fresh turn in the ongoing tussle with two of its institutional investors even as the company proceeds with a planned merger with Sony Group Corp.

Invesco Developing Markets Fund and OFI Global China Fund LLC, which own a combined 17.88% in Zee, have demanded a special shareholders’ meeting, which was rejected by the company’s board.

In the appeal to the National Company Law Appellate Tribunal (NCLAT), Zee has sought more time to file its response to a ruling of the National Company Law Tribunal (NCLT).

The Mumbai bench of NCLT on Tuesday directed the media firm to file its response in two days to a plea filed by its largest shareholder, Invesco.