Zee Group Chairman Subhash Chandra and Zee Entertainment chief executive Punit Goenka's appeal rejected by SAT, upholding the ban on them from holding board positions in public listed companies for a year by India's markets regulator.
The Securities Appellate Tribunal refused to grant an interim stay on the order of market regulator SEBI against Zee Entertainment’s Subhash Chandra and Punit Goenka, according to media reports.
The reports mentioned that petitioners are expected to challenge the ruling in Supreme Court.
The bench has given two weeks time to petitioners (Goenka and Chandra) to approach SEBI with their reply and directed the regulator to give the reply within a week.
The SAT while refusing to vacate the regulator's directions said it does not see merit in interfering in the regulator's order and asked the duo to defend themselves before SEBI.
On June 12, SEBI in an ex-parte interim order restrained Essel Group Chairman Subhash Chandra and ZEEL Managing Director and CEO Punit Goenka from holding any directorship or key managerial positions in listed entities on account of alleged fund diversion.