ZEE Row: SAT to deliver order on Punit Goenka’s appeal against SEBI interim order on Monday

The Securities Appellate Tribunal (SAT) is likely to deliver its order on Essel Group Chairman Subhash Chandra and ZEEL Managing Director and CEO Punit Goenka’s petitions challenging Sebi’s interim order on Monday, July 10, reported ET NOW.

On June 12, the Securities and Exchange Board of India’s (Sebi) in an ex-parte interim order restrained Chandra and Zee Entertainment Enterprises Ltd’s (ZEEL) Goenka from holding any directorship or key managerial positions in listed entities on account of alleged fund diversion.

In his arguments, Sebi’s counsel Darius Khambata said the material gathered by the market regulator in the last four months indicated alleged siphoning off funds and showed further investigations were already underway.

Khambata also said the market regulator’s actions are based on evidence.

In his arguments, senior advocate Janak Dwarkadas, representing Goenka, said that by removing two key people from the company, Sebi has infringed upon their fundamental rights to be employed.

He argued that while Sebi had issued the interim order against them, no direction had been issued against Yes Bank for appropriating the Rs 200 crore fixed deposit without ZEEL’s approval.Dwarkadas argued that investigations have not found any active irregularity about the role of the promoter or proof that the transactions are bogus.After the conclusion of the arguments, SAT reserved its order.

For all the latest Entertainment News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – abuse@thedailycheck.net The content will be deleted within 24 hours.