Goenka, Chandra likely to move SC after SAT setback

Zee Entertainment Enterprises Ltd's (ZEEL's) managing director, Punit Goenka, and his father, Subhash Chandra, are likely to challenge the dismissal of their appeal by the Securities Appellate Tribunal (SAT) in the Supreme Court, people aware of the matter said.

- Priyanka Gawande & Gaurav Laghate

The appeal was made against the market regulator's ruling that barred the duo from holding key managerial positions in listed entities.

On Monday, the appeals tribunal rejected a stay on the appeal filed by Zee promoters Goenka and Chandra challenging the Securities and Exchange Board of India (Sebi) order.

Upholding Sebi's order, a bench led by Justice Tarun Agarwala said: "We do not find any reason to interfere in the impugned order at this stage, and we dispose of the appeals directing the appellants to file a reply/objection along with a stay vacating application to the ex-parte ad interim order dated 12 June 2023 within two weeks from today."

In addition, the tribunal directed that a Sebi wholetime member set a hearing date within one week of the appellants (Goenka and Chandra) submitting their reply. The member will then issue appropriate orders within two weeks of giving the appellants a chance to present their case.