Subhash Chandra and Punit Goenka’s Appeal Against Sebi Order Admitted by SAT, Next Hearing Scheduled for June 19

The Securities Appellate Tribunal (SAT) has admitted an appeal filed by Subhash Chandra, the chairman of Essel Group, and Punit Goenka, the MD and CEO of Zee Entertainment Enterprises Ltd, challenging the interim order imposed by the Securities and Exchange Board of India (Sebi). This order barred them from holding director or key managerial positions in any listed company. The news of the appeal was reported by ET NOW.

Sebi took action against Chandra and Goenka for allegedly diverting funds from Zee Entertainment Enterprises Ltd (ZEEL). The Securities Appellate Tribunal is scheduled to hear their appeal on Thursday, June 15, according to sources familiar with the matter.

According to PTI sources, Chandra and Goenka claim that they did not receive any show cause notice and that the principles of natural justice were not followed. In the interim order, Sebi observed that Chandra and Goenka had transferred the assets of ZEEL and other Essel Group listed companies to affiliate entities owned and controlled by them.

The case revolves around Chandra, who was also the chairman of ZEEL at the time of the alleged violation, and Goenka, who allegedly misused their positions as directors or key managerial personnel of a listed company to divert funds for personal gain. Sebi indicated that this diversion of funds appears to be a well-planned scheme, as it involved the use of 13 entities as pass-through entities within a short period of two days.

In response to the interim order, ZEEL Chairman R Gopalan issued a statement on Monday stating that the company’s board is reviewing the detailed order and seeking legal advice to determine the appropriate next steps. Gopalan emphasized that the board is committed to protecting the interests of the company and its shareholders, and that they are focused on enhancing shareholder value and achieving strategic goals.

Gopalan also acknowledged the significant contributions made by Chandra as the founder of the company and the leadership demonstrated by Goenka in driving growth and value generation.

(With inputs from agencies)

 

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