In a recent twist to the Zee Group saga, the Securities Appellate Tribunal (SAT) declined to grant interim relief to Punit Goenka, the former head honcho of Zee Entertainment Enterprises (ZEEL).
The Securities and Exchange Board of India (SEBI) had earlier imposed restrictions on Goenka, preventing him from taking up pivotal roles in several Zee Group companies and the soon-to-be merged entity of ZEEL and Sony Pictures Networks India.
What Happened? At Wednesday’s hearing, the SAT expressed its discontent over the prolonged eight-month investigation period by SEBI.
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Meanwhile, Goenka’s legal team contended that his proposed role in the merged Zee-Sony entity wouldn’t harm public shareholders. They emphasised that SEBI’s actions against Goenka seemed excessive and premature, especially given the drawn-out investigation timeline.
Defending his position, Goenka highlighted the longstanding and legitimate business ties between Zee Entertainment and other Essel entities.
A prolonged saga: This case is related to SEBI’s accusations that Goenka, along with his father Subhash Chandra, misused their influential positions at Zee Entertainment, diverting funds for personal gains.
The next chapter in this corporate drama unfolds on September 8, when SAT will deliver its final verdict, following responses from both SEBI and Goenka.
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