Sebi seeks changes in order on Goenka

livemint.com:

Mumbai: Securities and Exchange Board of India (Sebi) on Tuesday filed an application to modify a 10 July order of the Securities Appellate Tribunal (SAT) against Zee Entertainment Enterprises chief executive Punit Goenka. This development follows the tribunal’s prior directive to appoint another whole-time member of Sebi to issue a final order on the matter. On 10 July, SAT dismissed a plea by Goenka and his father Subhash Chandra, chairman of the Essel Group, challenging Sebi’s 12 June order, barring them from holding positions on the board of any listed company.

Additionally, SAT had instructed Sebi to conduct a hearing for both Goenka and Chandra before passing a final order on the matter. Appearing on behalf of Sebi, senior counsel Darius Khambata, said that Sebi’s whole-time member Ananth Narayan Gopalakrishnan will take into consideration Goenka’s objections and pass a final order. “We have placed on record the extenuating circumstances Sebi is in, with only three whole-time members, including one (Anant Barua) whose term is coming to an end on 31 July.

Others, (Ashwani Bhatia who had passed the order, and Narayan), were part of settlement proceedings in the matter. We seek the appointment of Narayan as WTM to decide on it, or allow an authorised person to pass an order on the matter," Khambata said. Naryan was also a part of the settlement panel pertaining to Listing Obligations and Disclosure Requirements, Regulations, 2015.