Goenka argued that such an order before the investigation’s completion was unjust, seeking an interim stay and the quashing of the SEBI order.
On August 25, Punit Goenka, the promoter of Zee Entertainment Enterprises, approached the Securities Appellate Tribunal (SAT) in response to a confirmatory SEBI order. This order had barred both him and his son, Subhash Chandra Goenka, from company boards for eight months across four listed entities: Zee Entertainment Enterprises, Zee Media, Zee Studios, and Zee Akaash News Pvt. Goenka argued that such an order before the investigation’s completion was unjust, seeking an interim stay and the quashing of the SEBI order.
However, SEBI, in its confirmatory order, stated that the investigation would conclude within eight months. Recently, after an extensive hearing, SEBI upheld its June 12 order, maintaining the ban on their key positions in listed firms. The reason cited by SEBI was the alleged diversion of a Rs 200 crore fixed deposit from Zee Entertainment to Yes Bank, as reported by the media.