Punit Goenka moves SAT against SEBI order
He approached SAT, requesting that the SEBI order that barred him and Subhash Chandra from holding any directorial or managerial posts in any listed company, be set aside
Zee Entertainment Enterprises MD and CEO Punit Goenka has reportedly moved the Securities and Appellate Tribunal (SAT) against the SEBI order that barred him and his father Subhash Chandra from holding any directorial or managerial posts in any listed company.
The order barring the two from being directors in any listed company was originally passed on June 12 and was modified on August 14.
He has approached SAT, requesting that the SEBI order be set aside. Reports say that the hearing is likely to take place on August 30. The father-son duo had earlier challenged SEBI's interim order dated June 12 before the tribunal, which turned down their request for immediate relief.
Goenka reportedly approached the tribunal through the law firm Economic Law Practice (ELP).
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.
The two are being investigated by SEBI for alleged fund diversion. The probe will reportedly be completed in eight months.
Sebi chairperson Madhabi Puri Buch signed the 91-page order, which now stands to impact Punit Goenka's role in the Zee-Sony merged entity, which was approved by NLCT.
