Securities Appellate Tribunal (SAT) on Tuesday has reserved order in the Zee Entertainment Enterprises MD and CEO Punit Goenka vs Sebi case, after it said it will continue to hear on the matter on Monday.
SAT on Monday had deferred the hearing of the plea.
Last week, 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 on June 19 the counsel representing Zee Entertainment Enterprises 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.
Sebi had earlier alleged that Chandra and Goenka have diverted public funds to private entities in its response to SAT. In its affidavit SEBI said, "In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by those persons."
The hearing for the Zee-Sony merger by the National Company Law Tribunal that was to heard on Monday has been deferred to July 6.