Zee forms interim panel to run operations

economictimes.indiatimes.com:

Zee Entertainment Enterprises Limited (ZEEL) has formed an interim committee consisting of senior executives to oversee the company's operations after the Securities and Exchange Board of India's (SEBI) interim order against MD and CEO Punit Goenka and Chairman Emeritus Subhash Chandra Goenka was upheld by the Securities Appellate Tribunal (SAT). According to an interim order issued by the SEBI on June 12, the Goenkas have been prohibited from serving as directors or holding any key managerial position in any listed company or its subsidiaries until further directives due to the alleged siphoning and round-tripping of funds.

The Goenkas had challenged SEBI's interim order before the SAT, which refused to set aside the market watchdog's interim order. The appellate tribunal has also instructed the Goenkas to submit a response, along with an application to vacate the ex parte ad interim order dated June 12, 2023, within a two-week timeframe.