SAT reserves Subhash Chandra, Punit Goenka's pleas for orders

On June 16, SAT had refused to grant an interim order in Goenka's favour and directed SEBI to file its response to the plea in 48 hours.

The Securities Appellate Tribunal (SAT) on June 27 reserved for orders the pleas by Punit Goenka and Subhash Chandra challenging SEBI's interim order that barred them from holding key management positions in any listed company.

Senior counsel Janak Dwarkadas appeared for Punit Goenka while lawyer Somashekar Sundaresan appeared for Subhash Chandra. SEBI was represented by senior advocate Darius Khambata.

On June 26, the tribunal, after hearing the parties, adjourned the case to June 27 to conclude the hearing.

On June 19, the counsel for Zee Entertainment Enterprises said the market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds and that Sebi cannot pass an ex-parte order.

Also read: Sebi justifies 'urgent action' against Zee Entertainment promoters in reply to SAT

On June 15, SAT had refused to grant an interim order in Goenka's favour and directed SEBI to file its response to the plea in 48 hours.

Sebi in an interim order, on June 12, stated that Subhash Chandra and Punit Goenka have allegedly abused their positions for personal financial gain.

SEBI alleged that the duo engaged in the alienation of assets belonging to Zee Entertainment and other listed companies of the Essel Group, with the aim of benefiting their Associate Entities.