Curated By: Business Desk
Last Updated: August 30, 2023, 12:59 IST
Punit Goenka (File photo)
The appellate tribunal said that it is not satisfied with the amount of time taken by Sebi for investigation.
On August 30, the Securities Appellate Tribunal (SAT) declined to grant interim relief to Punit Goenka, the former chief of Zee, after the Securities and Exchange Board of India (SEBI) prohibited him from occupying important roles in four Zee group companies and in the combined entity of ZEEL and Sony Pictures Networks India.
SAT asked Sebi to file a response to Punit Goenka’s appeal by September 4 and listed the matter for final hearing on September 8, Moneycontrol reported.
Goenka, the ex-CEO of Zee Entertainment Enterprises Ltd (ZEEL), had filed an appeal against the Sebi directive that prevents him from occupying directorial or significant managerial roles in both the company and other entities.
The appellate tribunal further said that it is not satisfied with the amount of time taken by Sebi for investigation.
“Sebi can’t keep going on with its investigation,” it said.
In August, Sebi passed an order revising the directions it had given to ZEEL’s former directors Subash Chandra and Goenka, asking its investigating officials to complete the enquiry in eight months.