ZEE Row: SAT to deliver order on Punit Goenka's appeal against SEBI interim order on Monday

economictimes.indiatimes.com:

Essel Group Chairman Subhash Chandra and ZEEL Managing Director and CEO Punit Goenka's petitions challenging Sebi's interim order on Monday, July 10, reported ET NOW. On June 12, the Securities and Exchange Board of India's (Sebi) in an ex-parte interim order restrained Chandra and Zee Entertainment Enterprises Ltd's (ZEEL) Goenka from holding any directorship or key managerial positions in listed entities on account of alleged fund diversion.

In his arguments, Sebi's counsel Darius Khambata said the material gathered by the market regulator in the last four months indicated alleged siphoning off funds and showed further investigations were already underway. Khambata also said the market regulator's actions are based on evidence.

In his arguments, senior advocate Janak Dwarkadas, representing Goenka, said that by removing two key people from the company, Sebi has infringed upon their fundamental rights to be employed. He argued that while Sebi had issued the interim order against them, no direction had been issued against Yes Bank for appropriating the Rs 200 crore fixed deposit without ZEEL's approval.

Dwarkadas argued that investigations have not found any active irregularity about the role of the promoter or proof that the transactions are bogus. After the conclusion of the arguments, SAT reserved its order.