SAT adjourns hearing of ZEEL chief’s plea against Sebi order

The Securities Appellate Tribunal (SAT) on Friday adjourned the listening to of Zee Leisure Enterprises Restricted (ZEEL) MD and CEO Punit Goenka’s plea difficult the Securities and Alternate Board of India’s (Sebi) order to September 14.

Goenka is difficult the capital market regulator’s confirmatory order of August 14 barring him and his father, Subhash Chandra, Chairman Emeritus of ZEEL, from holding directorship or managerial place in any listed firm or their subsidiaries.

The matter assumes significance as ZEEL is within the technique of merging with Culver Max Leisure (Sony) and Goenka was to be the MD & CEO of the merged entity till the Sebi order barred him from holding any managerial positions.

Sebi chairperson Madhabi Puri Buch’s August 14 order prevents Punit Goenka from turning into the MD and CEO of the mixed Sony-Zee entity till the regulator concludes its investigation in an alleged fund-diversion case in opposition to the father-son duo.
The capital market regulator is probing allegations that Goenka and his father, Subhash Chandra Goenka, diverted funds from Zee to different Essel Group corporations with out in search of board approval.Sony-Zee merger has obtained all of the requisite regulatory approvals, together with from the Nationwide Firm Legislation Tribunal, the Competitors Fee of India, and inventory exchanges.