iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

SAT Reverses Sebi's Order, Punit Goenka Can Lead Zee-Sony Merged Entity

30 Oct 2023 , 03:01 PM

The Securities Appellate Tribunal (SAT) overturned the Securities and Exchange Board of India’s (Sebi) order against Zee Entertainment Enterprises’ promoter, Punit Goenka, which had previously barred him from key positions in several Zee group firms and the merged entity with Sony Pictures Networks India.

As a result of the SAT decision, Punit Goenka can now be appointed as the Managing Director of the merged entity.

Justice Tarun Agarwala’s order emphasizes Goenka’s cooperation in the investigation, with provisions for the market regulator to take appropriate actions if violations are confirmed.

Sebi’s investigation, initiated due to alleged fund misappropriation and money circulation through related entities, is expected to conclude within eight months, as stated in a confirmatory order issued in August.

The case revolves around a letter of comfort issued by Subhash Chandra, Goenka’s father and former chairman of the Essel Group, regarding the allocation of a Rs 200 crore fixed deposit with YES Bank.

Initially, Sebi had issued an interim order in June, barring both Chandra and Goenka from key managerial positions and directorships in all listed companies. However, SAT directed Sebi to grant the Zee promoters a hearing and issue a fresh order within two months, with the confirmatory order being issued in August by the Sebi chairperson.

For feedback and suggestions, write to us at editorial@iifl.com

 

Related Tags

  • Punit Goenka
  • SAT
  • SEBI
  • Securities Appellate Tribunal
  • Zee-Sony
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Most Read News

Top Stocks for Today - 30th April 2025
30 Apr 2025|06:17 AM
Fino Payments Bank FY25 Profit Jumps 26%
29 Apr 2025|11:48 PM
Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.