On Monday, the Securities Appellate Tribunal overturned SEBI’s (Securities and Exchange Board of India) decision to prohibit Zee Entertainment’s MD and CEO, Punit Goenka, from holding any managerial positions in listed companies for a year.
As per sources close to development, the impugned order is squashed as related to the appellant and cannot be sustained. The ad interim order and confirmatory order restraining the appellant as the MD and CEO is set aside and the appeal is allowed. Appellant will cooperate in investigation. In the event if something material comes up during the investigation, then appropriate procedures can be adopted by SEBI in accordance with law.
“We also make it clear that any observation made in this order is prima facie observation and will not influence the investigation nor will it be utilised by either of the parties,” said the order.