Punit Goenka moves SAT against Sebi's 14 Aug order barring him from boards of Zee cos
Zee Entertainment Enterprises, on Friday moved the Securities Appellate Tribunal challenging a recent confirmatory order by Securities and Exchange Board of India (Sebi) that restrained him and Subhash Chandra from holding any key positions in Zee group entities until further orders. In its appeal before the tribunal, the senior counsel representing Goenka requested a stay on the effect and operation of the regulator’s order.
On 14 August, Sebi in its confirmatory order restrained the duo from holding any key managerial positions in Zee Entertainment Enterprises, Zee Media Corporation, Zee Studios, and Zee Akaash News. Prior to this, Sebi in its 12 June order, barred them from holding key positions in an alleged funds diversion case.
The order said Goenka and Chandra were involved in schemes and transactions through which vast amounts of public money belonging to Zee Entertainment Enterprises Ltd were diverted to private entities owned and controlled by these people. Aggrieved by the regulator’s order Goenka approached SAT.
The tribunal, however, in its verdict refused to interfere with Sebi’s order and asked it to pass a final order in the matter after giving the duo a detailed hearing. While upholding its earlier order, Madhabi Puri Buch, Sebi chairperson, held that “I note that a detailed investigation in the matter is in progress which may bring out additional acts of omission or commission, of the Entities, if any, in detail, depending on the material and after considering the facts and veracity of their submissions.
The findings in the extant order are prima facie findings in a matter under investigation." Sebi said it would complete the investigation in the matter in a time-bound manner. Essentially, this meant
. Read more on livemint.com
