Punit Goenka Vs Sebi Case: SAT Adjourns Matter To September 14

Securities Appellate Tribunal (SAT) on Friday adjourned the Punit Goenka vs Securities and Exchange Board of India (Sebi) to September 14, 2023.

SAT had earlier reserved ordered in the Zee Entertainment Enterprises MD and CEO Punit Goenka vs Sebi Case and asked Sebi to file a reply on the matter till September 4.

Prior to this hearing, SAT refused to give interim relief to Goenka and Essel Group chairman Subash Chandra after the market regulator barred them from holding any key managerial positions in any listed company for allegedly siphoning off funds of the media firm.

After this Goenka and Chandra challenged the Sebi order at SAT.

Sebi allegations

Sebi had restrained Chandra and Goenka from holding any managerial or directorship position in listed entities on account of alleged fund diversion. Sebi had earlier alleged that Chandra and Goenka have diverted public funds to private entities in its response to SAT.

However, the counsel representing Zee Entertainment Enterprises on June 19 said that Sebi had no evidence other than the bank statements to prove the allegations of round-tripping of funds based on which Sebi cannot pass an ex-parte order. This is why the counsel wanted to stay the order by Sebi.