Punit Goenka, one of the promoters of Zee Entertainment Enterprises, on Friday appealed to Securities and Appellate Tribunal (SAT) The relief came against the Securities and Exchange Board of India’s (SEBI) order of August 14 barring him from taking up key positions in the merged entity with Sony Pictures Networks India.
In a confirmation order issued on August 14, the market regulator said it will complete the probe within 8 months in the alleged fund diversion case where it is probing the involvement of father-son duo Subhash Chandra and Goenka.
In an order issued by Sebi Chairperson Madhavi Puri Buch, Sebi barred the duo from holding directorship or key managerial positions in Zee Entertainment, Zee Media Corporation, Zee Studios, Zee Akash News and any other companies formed out of their merger or demerger. units.
SAT will hear the matter next week.
Zee Promoters had earlier approached SAT against the interim order passed by SEBI in June in the same matter. SAT had directed SEBI to provide them an opportunity of being heard and pass orders. Pursuant to the directions, SEBI gave an opportunity of being heard to both and issued the confirmation order within the stipulated time.
first published: 25 August 2023 | 1:22 pm First