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Securities Appellate Tribunal reserves verdict on appeal of Zee promoters against Sebi bar

Essel group chairman Chandra and Goenka was barred by the markets regulator from holding the position of a director or key managerial personnel in any listed company

Our Special Correspondent Mumbai Published 28.06.23, 04:35 AM
Subhas Chandra - Chairman - Essel Group

Subhas Chandra - Chairman - Essel Group Sourced by The Telegraph

The Securities Appellate Tribunal (SAT) has reserved its order on the appeal filed by Zee promoters Subhas Chandra and his son Punit Goenka against a Sebi interim order that barred them from holding any key posts in listed companies. The hearing was pushed back by a day to Tuesday.

Earlier, the SAT had refused to give any interim relief to Essel group chairman Chandra and Goenka, the MD and CEO of Zee Entertainment Limited, after the markets regulator barred them from holding the position of a director or key managerial personnel in any listed company for allegedly siphoning off funds from Zee.


Following this, the Zee duo challenged the decision at the SAT.

The development comes at a time Sony Pictures Entertainment (SPE) said it has taken Sebi’s interim order seriously and that it will continue to monitor developments that may affect the proposed merger with Zee.

SPE’s statement came amid speculations that the Sebi’s order could delay the proposed merger or lead to modification in major terms of the merger with Goenka not heading the combined entity if there is no relief.

Sony is reportedly likely to go ahead with the amalgamation.

Meanwhile, the SAT on Tuesday stayed the order passed by Sebi against the brokerage, IIFL Securities. Sebi had barred IIFL from onboarding any new clients for two years.

The IIFL share price jumped Rs 14.10 or 2.92 per cent to Rs 497.40 on Tuesday.

NDTV board

The shareholders of Adani-group-controlled NDTV have approved the proposals to appoint new directors.

All special resolutions regarding the appointment of — Sanjay Pugalia and Senthil Sinniah Chengalvarayan — as directors and U.K. Sinha and Dipali B Goenka as independent directors have got shareholders' nod through the e-voting process.

NDTV's board has also approved the appointment of former bureaucrat Dinesh Kumar Mittal as an additional director in the capacity of non-executive independent director of the company.

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