Essel Group: ZEE Row – SAT to Rule on Punit Goenka’s Appeal against SEBI Interim Order, Scheduled for Monday

The Securities Appellate Tribunal (SAT) is expected to announce its decision on Monday, July 10, regarding the petitions filed by Subhash Chandra, the Chairman of Essel Group, and Punit Goenka, the Managing Director and CEO of ZEE Entertainment Enterprises Ltd (ZEEL), challenging the interim order by the Securities and Exchange Board of India (Sebi), as reported by ET NOW.

Sebi issued an ex-parte interim order on June 12, restraining Chandra and Goenka from holding any directorship or key managerial positions in listed companies, over allegations of diverting funds.

Sebi’s counsel, Darius Khambata, highlighted during the arguments the evidence collected by the market regulator over the past four months, which indicated possible fund diversion and ongoing investigations.

Khambata emphasized that Sebi’s actions are backed by evidence.

Representing Goenka, senior advocate Janak Dwarkadas argued that Sebi’s decision to remove two key individuals from the company infringes upon their fundamental right to employment.

Dwarkadas further stated that while Sebi issued the interim order against them, no action was taken against Yes Bank for appropriating a fixed deposit of Rs 200 crore without ZEEL’s approval.

Dwarkadas contended that investigations have not found any active irregularities regarding the role of the promoter or evidence to prove that the transactions were fraudulent.

Following the conclusion of the arguments, SAT reserved its order.

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