ZEE Case: SAT sets new date for Punit Goenka vs. SEBI Case

SAT had withheld its judgment in the case, had instructed SEBI to submit a response by September 4.

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  • Storyboard18,
 | September 8, 2023 , 3:12 pm
The regulatory body’s investigation into Zee founders, primarily focusing on Subhash Chandra and Puneet Goenka, reportedly uncovered the potential diversion of approximately Rs 20 billion ($241 million) from the company. This figure is roughly ten times larger than SEBI's initial estimates, raising concerns about financial irregularities within Zee. (Image sourced via CNBC TV-18)
The regulatory body’s investigation into Zee founders, primarily focusing on Subhash Chandra and Puneet Goenka, reportedly uncovered the potential diversion of approximately Rs 20 billion ($241 million) from the company. This figure is roughly ten times larger than SEBI's initial estimates, raising concerns about financial irregularities within Zee. (Image sourced via CNBC TV-18)

On Friday, the Securities Appellate Tribunal (SAT) adjourned the Punit Goenka versus Securities and Exchange Board of India (SEBI) case to September 14, 2023.

Previously, SAT had withheld its judgment in the case involving Zee Entertainment Enterprises’ MD and CEO, Punit Goenka, versus SEBI, and had instructed SEBI to submit a response by September 4.

In a preceding session, SAT declined to grant interim relief to Punit Goenka and Essel Group chairman Subash Chandra. This decision followed SEBI’s actions in barring them from holding key managerial roles in any publicly traded company, alleging misappropriation of funds from the media company. This was followed by Chandra and Goenka challenging the SEBI order at SAT.

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