Invesco has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM) to remove the media major’s chief executive and managing director Punit Goenka and reconstituting the board.

Invesco, the largest shareholder in ZEEL, owns 17.88% through Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC.

The case is listed for hearing before the Mumbai bench of the NCLT on Thursday.

Last week, ZEEL had announced an in-principle nod for its merger with rival Sony Pictures Networks India (SPNI).  A non-binding term sheet had been signed that offered 90 days for ZEEL and SPNI to conduct due diligence and finalise the definitive agreements to combine their media assets.

Earlier this month, Invesco had called an EGM of shareholders seeking removal of Goenka along with two other independent directors -- Manish Chokhani and Ashok Kurien, both of whom resigned later.

Goenka is the son of ZEE founder and Essel Group chairman Subhash Chandra. Essel Group currently owns 4% stake in the company.