Latest News | SAT Defers Hearing on Subhash Chandra, Punit Goenka's Plea to June 27

Mumbai, Jun 26 (PTI) The Securities Appellate Tribunal (SAT) on Monday deferred the hearing of Zee Entertainment Enterprises' plea, challenging market regulator Sebi's interim order, to June 27.

Last week, the SAT has refused to give any interim relief to Essel Group chairman Subash Chandra and his son Punit Goenka after the markets regulator barred them from holding the position of a director or key managerial personnel in any listed company for allegedly siphoning off funds of the media firm.

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After this, Zee Entertainment Enterprises challenged the Sebi order at SAT.

SAT has now deferred the hearing on the plea to June 27.

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On June 19, the counsel for Zee Entertainment Enterprises said the market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds and that Sebi cannot pass an ex-parte order.

The counsel said Zee Entertainment Enterprises wanted a stay on the Sebi order.

"All entities through which Sebi alleges round-tripping, have genuine business relations with Zee," the counsel further added.

Earlier, in its reply to SAT, Sebi had alleged that Chandra and Goenka have diverted public funds to private entities, which calls for urgent action.

"In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons," Sebi said in its affidavit to SAT.

(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)