Sebi order on Goenka: ZEE board forms interim committee to run ops
Zee Entertainment Enterprises Ltd (ZEEL) has formed an interim committee of senior executives to run operations at the company after managing director and chief executive Punit Goenka failed to get relief from the Securities Appellate Tribunal (SAT) against an order by markets regulator that barred him from holding any key position in any listed company. A Zee spokesperson confirmed the development to Mint.
“The board in a meeting conducted on 14 July evaluated and discussed all the necessary steps, in light of the interim order passed by the Securities and Exchange Board of India (Sebi) and the subsequent judgement by the Securities Appellate Tribunal. Since the order restricts Punit Goenka from holding the position as director or key managerial position in a listed company, the board of the company has constituted an interim committee of senior executives to ensure smooth operations of the company," the spokesperson said.
On 10 July, the SAT rejected an appeal by Zee Entertainment’s Punit Goenka and Zee Group chairman Subhash Chandra challenging a Sebi order that barred them from holding positions in the board of listed companies. Mint had reported that in the absence of a stay, Goenka will have to step down unless an order from the Supreme Court said otherwise.
The interim committee will be under the supervision of the board and will seek its guidance on all matters pertaining to the company, the spokesperson added. “The board continues to have immense faith in the value-building leadership skills showcased by Punit Goenka and will monitor the progress of the matter.
The Board also remains confident that the company will deliver robust growth consistently and generate higher value for all shareholders," he said. Sebi
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