On August 30, the Securities Appellate Tribunal (SAT) declined to grant interim relief to Punit Goenka, the former chief of Zee, after the Securities and Exchange Board of India (SEBI) prohibited him from occupying important roles in four Zee group companies and in the combined entity of ZEEL and Sony Pictures Networks India.
SAT asked Sebi to file a response to Punit Goenka’s appeal by September 4 and listed the matter for final hearing on September 8, Moneycontrol reported.
Goenka, the ex-CEO of Zee Entertainment Enterprises Ltd (ZEEL), had filed an appeal against the Sebi directive that prevents him from occupying directorial or significant managerial roles in both the company and other entities.
The appellate tribunal further said that it is not satisfied with the amount of time taken by Sebi for investigation.
“Sebi can’t keep going on with its investigation,” it said.
In August, Sebi passed an order revising the directions it had given to ZEEL’s former directors Subash Chandra and Goenka, asking its investigating officials to complete the enquiry in eight months.
In June, Sebi passed an interim order that had said that the Chandra and Goenka were not to hold any board or key managerial personnel position in ZEEL, its subsidiary companies or any company resultant from a merger with these companies.
Goenka and Chandra appealed against this order at the SAT, however the appellate tribunal refused to stay the same. The father-son duo were directed by SAT to file a reply/objection along with an application to vacate the stay given in the interim order.
Subsequently, Sebi gave the notices an opportunity for personal hearing on July 31 and asked for additional documents to better appreciate their submissions.
The market regulator’s August order was passed pursuant to this hearing.
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