Latest News | Punit Goenka Moves SAT Against Sebi Order Banning Him from Holding Key Positions

New Delhi, Aug 25 (PTI) Punit Goenka, former chief of Zee Entertainment Enterprises Ltd, on Friday moved the Securities Appellate Tribunal (SAT) against a Sebi order barring him from holding key positions in four Zee group firms and in the merged entity of ZEEL and Sony Pictures Networks India.

The case pertains to a Sebi order alleging that Goenka and his father Subhash Chandra, former chairman of Zee Entertainment Enterprises Ltd (ZEEL), abused their position as directors or Key Managerial Personnel (KMPs) of a listed company by siphoning off funds for their own benefit.

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Goenka moved SAT challenging Sebi's confirmatory order that was passed on August 14, whereby 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, until further directions.

Besides, Goenka was restrained from becoming the managing director of the merged entity.

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The deal is yet to be complete.

The appellate tribunal has listed the matter for hearing on August 30, an update with the SAT showed.

Passing the confirmatory order in connection with the case of alleged siphoning off funds of ZEEL, Sebi Chairperson Madhabi Puri Buch had said investigation by the watchdog in the case "shall be completed in a time-bound manner and in any event, within a period of eight months".

In the interim order passed in June this year, Chandra and Goenka were barred from becoming a director or KMP in any listed company but that direction has been modified now.

The interim order was challenged by the two individuals before SAT, which had rejected their pleas.

On August 10, the National Company Law Tribunal (NCLT) approved the merger of ZEEL and Culver Max Entertainment, which is doing business as Sony Pictures Networks India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)