On Wednesday, the Securities Appellate Tribunal (SAT) instructed the Securities & Exchange Board of India (SEBI) to submit its response by September 4 in response to an appeal lodged by Punit Goenka, the promoter of Zee Entertainment Enterprises Limited (ZEEL). The tribunal has scheduled a hearing for the case on September 8.
On August 25, Punit Goenka, the promoter of Zee Entertainment Enterprises, approached the Securities Appellate Tribunal (SAT) in response to a confirmatory SEBI order.
The said SEBI order had barred Subhash Chandra and Punit 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.
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.