Even as Zee Entertainment approached on Wednesday an appellate tribunal in a case brought by two institutional investors calling for a shareholders’ meet, company’s founder and media moghul Subhash Chandra upped the ante by questioning investor Invesco’s motives and hinted at a Chinese hand behind the takeover bid of the Indian company that was rooted in local ethos and culture.

Appearing prime time Wednesday evening on Zee News channel and its siblings, Chandra, while terming Invesco’s moves and demands “illegal”, said that Zee Entertainment did not belong to him or his son Punit Goenka (whose ouster was being demanded by the foreign investors among other changes), but to the 250,000 small shareholders and over 900 million people who watch and enjoy Zee TV’s programmes.

And, it’s these 250,000 shareholders who would decide what’s good for Zee — the Invesco deal or a merger with Sony Pictures Networks India (SPNI) — Chandra asserted while talking to the 9 pm show’s host.

Chandra, who has always loved a good fight, said so when he mentioned towards the beginning of the show that such takeover (by a foreign entity or entities) fears existed earlier too and he had fought hard to keep the Indian-ness of Zee.

The battle-scarred founder, whose family now owns a mere 3.9 percent stake in the company that he founded along with associates, stressed that he was sure Invesco as an investor-company would not run Zee on a day to day basis, but would hand it over to some other company. “Let Invesco be transparent as to what the actual deal is all about,” Chandra said, adding if the investors are so interested in a change, let them make an “open offer” to the shareholders.

In the meanwhile, several Indian film personalities have come out in support of Zee on social media.

Film director-actor Satish Kaushik tweeted: “Zee is the first Indian channel and has provided tremendous support to the Indian entertainment industry. Today American and Chinese investors are trying to poach it. Hope Zee remains in original passionate hands, @subhashchandra @punitgoenka @PMOIndia #bycottchina.”

Film maker Madhur Bhandarkar tweeted: “ZEE TV, first Indian channel cultivated by @subhashchandra to India’s biggest entertainment company has always been pioneer in Indian content. I wish that it continues to progress under the leadership of @punitgoenka & an all Indian Management and pray for a great future for them.”

Film producer Boney Kapoor tweeted: “Zee which was first Indian channel promoted by Indian nationalist @subhashchandraalways supported & nurtured Indian entertainment sector now hounded by American and Chinese investors. Pray Zee Entertainment remains in original Indian entrepreneur’s passionate hands @punitgoenka Make in India  is the mantra of our beloved Prime Minister @narendramodi. Hope the original Indian channel remains with the Indian passionate promoter

@subhashchandra & his sincere & equally passionate son ‪@punitgoenka.”

Another filmmaker, Subhash Ghai, said in a tweet: “I wonder if small investors from China can shake an indian company like

@ZEECorporatebuilt by indian promotors @subhashchandra

since 30 years with purely indian content ethos n ethics wid excellent status in media world Is it giving a wrong signal to future corporate culture?”

Zee Moves National Company Law Appellate Tribunal:Meanwhile, a Reuters report yesterday said Zee Entertainment approached an appellate tribunal in a case brought by two institutional investors calling for a shareholders’ meet ahead of a merger planned with SPNI 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 percent 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 October 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.

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

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 Ministry of Information and Broadcasting for changes to the company’s board.