Sebi Case: No interim relief for Punit Goenka from SAT
The next hearing in the case is on September 8, 2023
The Securities Appellate Tribunal (SAT) has reportedly refused to give interim relief to Punit Goenka on a plea filed by him against a SEBI order that bars him from holding key managerial positions in Zee group firms and merged Zee-Sony entity.
SAT has given SEBI time till September 4, 2023 to reply on the matter. The next hearing in the case is on September 8, 2023.
The case pertains to a SEBI order alleging that Goenka and his father Subhash Chandra, former chairman of Zee Entertainment Enterprises Ltd (ZEEL), abused their position as directors or Key Managerial Personnel (KMPs) of a listed company by siphoning off funds for their own benefit. The order was passed 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.
