“We instruct Sebi to designate another WTM, and if none is available, then any authorized officer of higher grade, rank, or position than the WTM should preside over and determine the matter…The appointed individual must issue a verdict within the specified timeframe,” stated SAT in its order.
This ruling was made after the capital markets regulator appealed to SAT to amend the appellate tribunal’s previous order from July 10, which instructed the appointment of a different WTM, other than the one who had initially ruled on the Zee Entertainment Enterprises Ltd case on June 12, to eliminate bias.
In its appeal, Sebi explained that there is currently no WTM available to handle and resolve the matter. Presently, there are three WTMs: Ananta Barua, Ananth Narayan G, and Ashwani Bhatia. Bhatia is the WTM responsible for the disputed order. Sebi mentioned that Ananta Barua is set to retire on July 31, 2023, and therefore, is unfit to preside over and issue an appropriate order before their retirement date.
Sebi further added, “Ananth Narayan G could have been appointed to handle the matter, but we determined that Ananth Narayan G was also involved in the settlement proceedings. Therefore, in accordance with paragraph number 36 of our order dated July 10, 2023, there exists the possibility that this WTM could be influenced by the discussions that occurred during the settlement proceedings.”
In the interim order on June 12, Sebi prohibited Chandra and Goenka from assuming the role of a director or key managerial personnel in any listed company, as they had been accused of diverting funds from the media firm. Both Chandra and Goenka have approached SAT to request a stay on the Sebi order, claiming injustice.
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
