Securities Appellate Tribunal defers Zee-Sebi matter to September 13

The Securities Appellate Tribunal (SAT) on Friday adjourned to September 13 the hearing in an appeal filed by Zee Entertainment Enterprises’ promoter Punit Goenka against an order passed by markets regulator Securities and Exchange Board of India (Sebi) in the alleged fund diversion case. The tribunal heard the arguments presented by the counsels representing Goenka, who argued that Sebi’s order had put too much reliance on letters and statements issued by YES Bank.

Sebi’s counsels are expected to present their arguments during the next hearing, following which Goenka's lawyers are expected to file their rejoinder to Sebi’s arguments on September 14. The confirmatory order passed by Sebi chief Madhabi Puri Buch barred Goenka from holding any key managerial positions in the Zee group of companies. It also asked the officials to complete their investigation in the matter within eight months.