Punit Goenka, one of the promoters of Zee Entertainment Enterprises, on Friday appealed before the Securities and Appellate Tribunal (SAT) for relief against the August 14 order by the Securities and Exchange Board of India (Sebi) barring him from taking the key position in the merged entity with Sony Pictures Network India.
In a confirmatory order issued on August 14, the markets regulator said that it will complete the investigation in the alleged fund diversion matter within 8 months where it is probing the involvement of the father-son duo Subhash Chandra and Goenka.
In the order issued by Sebi Chairperson Madhabi Puri Buch, Sebi barred both of them from holding a directorship or key managerial positions in Zee Entertainment, Zee Media Corporation, Zee Studios, Zee Akaash News and any other company formed by a merger or demerger of these entities.
Also Read: Reliance Retail Ventures may sell another 8-10% stake to prepare for IPO
SAT will hear the matter next week.
Zee promoters had earlier approached SAT against the interim order issued by Sebi in June in the same matter. SAT had directed Sebi to provide an opportunity of hearing to them and issue the order. Following the directives, Sebi provided hearing to the duo and issued the confirmatory order within the stipulated time.
First Published: Aug 25 2023 | 1:22 PM IST
