On June 19, Chandra and Goenka were denied interim relief by the SAT, as the markets regulator had barred them from assuming director or key managerial roles in any listed company
The hearing on Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises (ZEEL) MD and CEO Punit Goenka’s plea challenging the market regulator SEBI’s interim order has been postponed by the Securities Appellate Tribunal (SAT) until June 27.
On June 19, Chandra and Goenka were denied interim relief by the SAT, as the market regulator had barred them from assuming director or key managerial roles in any listed company. The regulator’s action was prompted by allegations of funds misappropriation from the media firm.
Following this, ZEEL has challenged the SEBI order at SAT.
The counsel representing ZEEL argued that the market regulator lacked evidence, other than the bank statements, to substantiate the accusations of fund round-tripping. They further asserted that SEBI is not authorised to issue an ex-parte order, according to media reports.
The counsel said Zee Entertainment Enterprises wanted a stay on the SEBI order. “All entities through which Sebi alleges round-tripping, have genuine business relations with Zee,” the counsel further added.
Meanwhile, the National Company Law Tribunal (NCLT) hearing on the Sony-Zee merger is expected to resume today.
