SAT dismisses pleas of Subhash Chandra, Goenka against SEBI order
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The Appellate Tribunal has ordered Essel Group Chairman Subhash Chandra and Zee Entertainment Enterprises Ltd. On June 27, it had reserved its decision on the petitions of Punit Goenka, Managing Director and Chief Executive Officer (CEO).
Mumbai The Securities Appellate Tribunal (SAT) on Monday dismissed the petitions of Zee Entertainment promoters Subhash Chandra and Punit Goenka. The petitions challenged SEBI’s interim order barring him from holding directorship or key managerial position in any listed company. Earlier, the Appellate Tribunal had directed Essel Group Chairman Subhash Chandra and Zee Entertainment Enterprises Ltd. On June 27, it had reserved its decision on the petitions of Punit Goenka, Managing Director and Chief Executive Officer (CEO).
In its order, the tribunal said, “In the present case, we find that the interim order was issued keeping in view the prevailing situation. There were several reasons, including transfer of funds from a listed company to related parties. It was under the control of the appellants.” The order said, “No evidence was led by the appellants in their defence. As such, we do not see any irregularity, inconsistency in passing the order concerned.” The Appellate Tribunal said, “We do not see any reason to interfere with the impugned order at this stage…” Both the appellants You can file your objection to the interim order dated June 12, 2023, within two weeks.
The counsel for Zee Entertainment Enterprises had on June 19 submitted that the market regulator has no evidence other than ‘bank statements’ to prove the allegations of misappropriation of funds and Sebi cannot pass an ex parte order. Earlier, SEBI had told the appellate tribunal that Chandra and Goenka transferred funds to private entities and it needed immediate action.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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