The Securities Appellate Tribunal (SAT) on Wednesday directed Sebi (Securities and Alternate Board of India) to submit a response to Punit Goenka’s attraction by September 4.
As reported by Moneycontrol, the case has been scheduled for a conclusive listening to on September 8. Punit Goenka, the previous CEO of Zee Leisure Enterprises Ltd (ZEEL), has challenged a Sebi ruling that prohibits him from occupying directorial or important managerial roles throughout the firm and different entities.
The appellate tribunal additional mentioned that it’s not glad with the period of time taken by Sebi for investigation. “Sebi can’t hold occurring with its investigation,” it mentioned.
Additionally Learn: Punit Goenka strikes SAT in opposition to Sebi’s 14 Aug order barring him from boards of Zee cos
Earlier on 14 August, Sebi in its confirmatory order restrained the duo from holding any key managerial positions in Zee Leisure Enterprises, Zee Media Company, Zee Studios, and Zee Akaash Information.
Previous to this, Sebi in its 12 June order, barred them from holding key positions in an alleged funds diversion case.
The order mentioned Goenka and Chandra have been concerned in schemes and transactions by means of which huge quantities of public cash belonging to Zee Leisure Enterprises Ltd have been diverted to non-public entities owned and managed by these individuals.
Additionally Learn: Zee-Sony case: Punit Goenka strikes SAT in opposition to Sebi order
Aggrieved by the regulator’s order, Goenka approached SAT. The tribunal, nevertheless, in its verdict refused to intervene with Sebi’s order and requested it to move a ultimate order within the matter after giving the duo an in depth listening to.
This comes at a time when the Nationwide Firm Regulation Tribunal (NCLT) accepted the merger scheme of India’s homegrown leisure firm Zee Leisure Enterprises with Culver Max Leisure (erstwhile Sony Photos Networks India or SPNI).
On August 10, whereas asserting the order, the bench comprising Justice HV Subba Rao and member Madhu Sinha, gave approval to the scheme and dismissed all objections raised by some lenders together with Axis Finance, JC Flowers Asset Reconstruction Co, IDBI Financial institution, Imax Corp, and IDBI Trusteeship.
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Up to date: 30 Aug 2023, 12:58 PM IST
Supply: Live Mint