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regular-article-logo Tuesday, 16 April 2024

Securities Appellate Tribunal defers hearing on Sebi’s confirmatory order to September 13

Sebi’s confirmatory order bars Goenka and Chandra from holding any directorship or other key managerial positions in the company and other organisations

PTI Mumbai Published 09.09.23, 11:11 AM
Representational image.

Representational image. File photo

The Securities Appellate Tribunal (SAT) on Friday postponed to September 13 the final hearing on a plea challenging Sebi’s confirmatory order that barred Zee Entertainment Enterprises’ Punit Goenka and Subhash Chandra from holding any key positions in the company and other organisations.

After hearing rejoinders from counsel Abhishek Manu Singhvi and Navroz Seervai, representing Goenka and Chandra, the SAT said it would continue the hearing on September 13. The SAT further stated that on September 14, it will hear Goenka and Chandra’s rejoinders.

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In his rejoinder, Singhvi said that Sebi passed the confirmatory order without concluding the investigation and is based on mere speculation.

The market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds, he added.

Sebi’s confirmatory order bars Goenka and Chandra from holding any directorship or other key managerial positions in the company and other organisations.

Singhvi said Sebi’s order is against public interest considering a merger with Sony, which has been approved by the NCLT. Senior advocate Darius Khambata appeared for Sebi.

Goenka has moved the SAT challenging Sebi’s order that was passed on August 14, whereby Sebi restrained the duo from holding the post of director in at least four Zee companies as well as in the merged entity.

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