SAT rules in favour of Punit Goenka, allows him to hold managerial posts
The SAT has set aside Sebi's directive that barred him from holding managerial or directorial posts in Zee and any of its merged entities, as part of its investigation into the fund-diversion case
In a relief to Punit Goenka, The Securities Appellate Tribunal today set aside Sebi's directive that barred him from holding managerial posts in Zee and any of its merged entities, in connection to the fund-diversion case.
The ruling means that Goenka will stay at the helm as MD and CEO of the merged entity of Zee and Sony.
Sebi had barred Essel Group founder Subhash Chandra and his son Punit Goenka from holding director positions in group companies, including Zee Entertainment Enterprises, Zee Media Corp and the proposed Zee-Sony merger until the investigation by the regulator ends.
Sebi on the other hand has been asked to continue its investigation against the fund-diversion case against Goenka.
