The Securities Appellate Tribunal (SAT) has once again rejected the plea for an interim stay on the Securities and Exchange Board of India's (SEBI) ban on Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka. The ban prevents them from holding board positions in public listed companies for a year. This decision comes after a previous denial of interim relief by the SAT last month.
SEBI had imposed the ban on Chandra and Goenka due to allegations of fund diversion from the media firm. In response, Zee Entertainment Enterprises has challenged the SEBI order at SAT. The company's counsel argued during the hearing that SEBI had insufficient evidence to support the allegations beyond bank statements and requested a stay on the order.
In a separate development, the National Company Law Appellate Tribunal (NCLAT) recently disposed of the appeal filed by Zee Entertainment Enterprise promoters. This came after the media major reached a settlement with IndusInd Bank and cleared all dues to the financial creditor. A joint application was submitted by Punit Goenka and IndusInd Bank, highlighting the settlement agreement reached between the parties on March 29, 2023. The application stated that all payments had been made before June 30, 2023, and requested the closure of the Corporate Insolvency Resolution Process against ZEEL.
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