The Securities Appellate Tribunal (SAT) has rejected a stay on SEBI’s order that prohibits Zee Entertainment Chief Executive Officer Punit Goenka and Subhash Chandra from occupying crucial management positions in any publicly traded company.
The appellate tribunal, after hearing arguments from both parties on June 27, reserved the case for orders.
Since April, a series of developments have unfolded in the fraud case surrounding Shirpur Refinery and its connection to the Goenkas.
In April, SEBI issued an interim order, barring Subhash Chandra and Punit Goenka from key positions in any listed company. This order was a result of the ongoing investigation into the role of Zee group entities in the diversion of funds from Shirpur Refinery. Subsequently, Subhash Chandra and Punit Goenka challenged the SEBI order at the SAT, seeking relief.
On the other hand, over the past two months, the NCLT has been closely examining the legality and feasibility of the proposed merger between Zee Entertainment Enterprises and Sony Pictures Networks India, as well as its impact on the industry and stakeholders. The NCLT hearing on today will focus on the legal aspects and feasibility of the proposed merger between Zee Entertainment Enterprises and Sony Pictures Networks India.
The National Company Law Tribunal (NCLT) will also be hearing on the Zee-Sony merger case on July 10, 2023, at 2:30 PM. The hearing will be held before a bench led by judicial member HV Subba Rao and technical member Madhu Sinha.