Following the Securities and Appellate Tribunal’s (SAT) overturning of the Sebi order that prohibited Punit Goenka, Chief Executive Officer of Zee Entertainment Enterprises (ZEEL), from holding managerial and directorial roles in listed companies for a year, there are indications that the market regulator may escalate the matter to the Supreme Court, as per a news report.
The recent SAT order has cleared the path for Punit Goenka to continue his role as the managing director and CEO of Zee, marking a significant milestone in the media and entertainment industry. This decision comes in the wake of the impending merger between Zee Entertainment and Culver Max Entertainment (Sony Pictures India), a merger that has been the talk of the town since its announcement in 2021.
Despite the merger gaining approval from regulators, legal hurdles, primarily centered around loan defaults by a Zee group entity, had caused delays.
This merger is set to create a media powerhouse worth $10 billion.
The SAT’s order outlines Goenka’s willingness to cooperate fully in the investigation, indicating a commitment to transparency and compliance with the law.