The Securities Appeal Tribunal (SAT) has reportedly admitted the plea filed by the Chairman of the Essel Group Subhash Chandra and CEO of Zee Entertainment Enterprises Punit Goenka against Securities and Exchange Board of India (Sebi), which barred the two from holding any directorial or key managerial position in any listed company for a year. The action was taken against the two for “siphoning off funds from the listed entity for their own benefit.”
A news report said that the next hearing is slated for June 19th.
The plea filed by Chandra and Goenka stated that there was no show cause notice issued to them and the principles of natural justice were not followed.
Sebi, in its interim order, pointed out that Chandra and Goenka alienated the assets of ZEEL and other companies of Essel Group for the benefit of associate entities controlled by them.