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The Securities Appellate Tribunal(SAT) adjourned the final hearing on a plea challenging a Sebi confirmatory order against Zee Entertainment Enterprises‘ chiefs. Sebi order barred ZEEL’s Punit Goenka and Shubhash Chandra from holding any key positions in the company and other organisations. Now the order will be heard on September 13, reported PTI.
On the first day, SAT will hear rejoinders from counsels Abhishek Manu Singhvi and Navroz Seervai in the case. The two are representing Goenka and Chandra. SAT further stated that it will hear rejoinders from Punit Goenka and Shubhash Chandra on September 14, reported PTI.
The confirmatory order was cleared by the Sebi without concluding the investigation and it was even based on mere speculation, said Singhvi in his rejoinder. He mentioned that the Indian market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds.
Punit Goenka and Shubhash Chandra barred from holding any leadership role in any organisation.
In its confirmatory order, Sebi restricted Goenka and Chandra from holding any directorship or other key managerial positions in the company and any other organisations.
He also called SEBI’s order against public interest keeping in view the planned merger with Sony. The merger has also received green signal from the National Company Law Tribunal (NCLT). Senior advocate Darius Khambata appeared on behalf of Sebi.
Punit Goenka filed a plea to SAT challenging Sebi’s confirmatory order, that was passed on August 14. On the other hand, the 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.
Meanwhile, the National Company Law Tribunal (NCLT) approved the merger of Zee Entertainment Enterprises on August 10. The merger of Zee Entertainment Enterprises and Culver Max Entertainment (earlier known as Sony Pictures Networks India) will produce a USD 10 billion media house, the biggest in the country.
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Updated: 09 Sep 2023, 09:01 AM IST
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