SAT modifies its order in Goenka case
Mumbai: The Securities Appellate Tribunal (SAT) on Thursday modified its previous order that directed the Securities and Exchange Board of India (Sebi) to appoint another whole-time member (WTM) to pass a final order in the Punit Goenka matter. A bench led by Justice Tarun Agarwala, said, “Considering the (Delegation of Powers, 2019) issued by Sebi we modify the directions of 10 July.
We direct Sebi to appoint another WTM, and if no WTM is available, then any authorised officer higher in grade, rank, or position to the WTM could hear and decide the matter." SAT, in its 10 July order, had dismissed a plea by Zee Entertainment Enterprises MD and CEO Goenka and his father Subhash Chandra, chairman of the Essel Group, challenging Sebi’s 12 June order, barring them from holding key positions on the board of any listed company. Additionally, to remove any kind of bias, it had instructed Sebi to appoint another whole-time member (WTM) to conduct a hearing for both Goenka and Chandra before passing a final order on the matter.
However, earlier this week, Sebi filed an application seeking modification of the tribunal’s order pleading for the bench’s direction to appoint Sebi’s current whole-time member Ananth Narayan Gopalakrishnan or any such authorised person to consider the objections made by Goenka and to thereafter pass a final order in the matter. Appearing for Sebi, senior counsel Darius Khambata informed the tribunal that there were only three WTMs in Sebi at the current stage.
Out of which Ashwani Bhatia had passed the order and Anant Barua was retiring on 31 July. Adding that the only WTM left was Ananth Narayan but he was a part of the settlement panel pertaining to the matter.
Read more on livemint.com
