Newcastle United owner Mike Ashley has made a bid to oust Rangers directors Graham Wallace and Philip Nash.
The call has been issued through Mr Ashley’s MASH Holdings, which owns 4.26 million shares in Rangers, amounting to 5% of the total voting rights.
Rangers announced they had received a notice from Mr Ashley, calling for a meeting of shareholders at which such a resolution could be put forward.
The notice from Rangers, to its shareholders, said: “The company is currently verifying that the notice is properly constituted. If valid, the board intends to seek to have such notice withdrawn in order to avoid the cost and disruption of an ad hoc general meeting particularly given the company’s forthcoming annual general meeting, further details of which will be announced in due course.
“The Board is united in its support of the executive team. If the notice is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions. A further announcement will be made shortly.”
Earlier this month Mr Ashley upped his stake in Rangers with the £850,000 purchase of 4.26 million shares.