SAT reserves order on Punit Goenka’s plea against SEBI’s interim ruling

Mumbai, September 27

The Securities Appellate Tribunal (SAT) on Wednesday reserved its order on Zee Entertainment promoter Punit Goenka’s plea against SEBI’s interim order restraining him from holding any key managerial position in listed entities due to alleged fund diversion. The SAT directed the SEBI and Goenka to file any written submissions, if any, within a week.

SEBI’s confirmatory order, passed on August 14, bars ZEEL promoters — Goenka and Subhash Chandra — from holding any key positions in the company and other organisations.

SEBI said the material gathered by the market regulator in the last four months indicated siphoning of funds and further investigations were underway.