The promoter of Zee Entertainment Enterprises Ltd., Punit Goenka, approached the Securities Appellate Tribunal on Friday against a confirmatory SEBI order barring him and Subhash Chandra from the company boards of four listed entities. The matter will be heard next on August 30.
According to Goenka, an eight-month bar until the completion of the investigation is unjustified and needs to be stayed. He sought an interim stay and subsequent quashing of the order by the Securities and Exchange Board of India.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The markets regulator had barred the father-son duo from holding key managerial or board positions in four Zee entities, until further directions. The four entities are Zee Entertainment Enterprises Ltd., Zee Media Corp., Zee Studios Ltd., and Zee Akaash News Pvt. According to SEBI, they diverted a Rs 200 crore fixed deposit of Zee Entertainment with Yes Bank.
The bar also extends to any entity that's formed pursuant to the merger or demerger of any of these entities. The National Company Law Tribunal had recently approved a scheme of merger between Zee Entertainments and Culver Max Entertainment Pvt. (Sony Pictures India).
In its confirmatory order, SEBI said that it would complete its investigation within eight months. The order had confirmed the markets regulator's findings in its earlier interim order barring them from company boards of all listed entities.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.