The Securities Appellate Tribunal (SAT) has reserved its order in the applications filed by Subhash Chandra and his son Punit Goenka, who are challenging the interim order issued by the capital market regulator. This order restricts them from holding directorship or key managerial positions in listed entities.
The bench, comprising of the judicial member Tarun Agarwala and technical member Meera Swarup, has reserved the order after carefully considering all arguments.
Subhash Chandra and Punit Goenka approached SAT on June 13 to challenge the interim order issued by the Securities and Exchange Board of India (Sebi) on June 12.
Darius Khambata, senior counsel representing Sebi, argued that the regulator has uncovered a series of transactions involving related parties, which are undisputed. He stated, “We provided them with 21 days to come to us and explain, but instead they rushed to the appellate tribunal, claiming that they are not here on merit but due to the process. They could have come to Sebi to present their case within the given time.”
Janak Dwarkadas, senior advocate representing Goenka, countered Sebi’s claims by stating that the regulator lacks evidence beyond bank statements. He also argued that Sebi’s conclusion that the fund repayments by Essel Group entities to ZEEL are bogus is unfounded.
“The burden is on the regulator to prove that these transactions are indeed bogus,” Dwarkadas stated. “Why the urgency to act on transactions from 2019?”
Chandra and Goenka further argued that Sebi did not provide them with a show-cause notice before passing the order. They also claimed that Sebi did not adhere to the principles of natural justice in issuing the order.
Denial of responsibility! SamacharCentrl 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.
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.
