SAT will continue hearing Punit Goenka-SEBI case tomorrow
Indian market regulator Sebi on 14 September, Thursday. Zee Entertainment Enterprises' Punit Goenka and Subhash Chandra have been barred by the Sebi from holding key positions within four Zee group firms and other organisations. Also read: Punit Goenka: SAT postpones ZEEL chief's plea against SEBI order; next hearing on... The case pertains to a Sebi order alleging that Goenka and Chandra, former chairman of ZEEL, abused their position as directors or KMPs of a listed company by siphoning off funds for their own benefit.
The SAT on 8 September postponed the hearing to 13 and 14 September. Abhishek Manu Singhvi and Navroz Seervai, representing Goenka and Chandra had said that SEBI passed the confirmatory order without concluding the investigation and is based on mere speculation. Singhvi said that Sebi had no evidence beyond the bank statements to prove the allegations of round-tripping of funds.
Singhvi also said the Sebi's order is against public interest considering a merger with Sony, which has been approved by the National Company Law Tribunal (NCLT). Also read: Zee-Sony case: Punit Goenka moves SAT against Sebi order Sebi has barred Goenka and Chandra from holding any directorship or other key managerial positions in Zee and other organisations. The market regulator restrained the duo from holding the post of director or KMP in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India.
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