MUMBAI: The Securities Appellate Tribunal (SAT) on Wednesday reserved its order on Zee Entertainment promoter Punit Goenka’s plea against Sebi’s interim order restraining him from holding any key managerial position in listed entities due to alleged fund diversion.
SAT, reserving the order, directed the Securities and Exchange Board of India (Sebi) and Goenka to file any written submissions, if any, within a week.
Sebi’s confirmatory order, passed on August 14, bars ZEEL promoters - Goenka and Subhash Chandra - from holding any directorship or other key managerial positions in the company and other organisations.
The market regulator’s counsel Darius Khambata in his argument had said the material gathered by the market regulator in the last four months indicated siphoning of funds and further investigations were already underway.