SAT refuses relief to Zee promoters, asks them to file response to Sebi

The Securities and Appellate Tribunal (SAT) on Monday refused to stay an interim order passed by the Securities and Exchange Board of India (Sebi) against Essel group chairman Subhash Chandra and Zee Entertainment Enterprises’ MD & CEO Punit Goenka.

A SAT bench headed by Justice Tarun Agarwala said that there was no urgency to stay the order. The tribunal directed the Zee promoters to file their response to Sebi within two weeks.

It also asked Sebi to complete the investigations within a week, after taking up responses from Goenka and Chandra.

In an interim ex-parte order on June 12, the market regulator debarred Goenka and Chandra from taking up key managerial positions and directorships at listed companies due to alleged fund diversion at Zee.