SAT grants Zee 1-day extension to complete preferential warrant issue

The tribunal said the subscription amount was deposited on time but credited to the account the next day, resulting in the warrants being issued a day beyond the deadline

The Securities Appellate Tribunal (SAT) on Thursday granted a one-day extension to media firm Zee Entertainment Enterprises to complete its fundraise through the issuance of preferential warrants to promoter entity Sunbright Mauritius Investments.

 

“The extension sought is technical as the amount for subscription was deposited in time but was credited in the account the next day, leading to the issue of subscription a day beyond the given time. Keeping in view the totality of facts and circumstances, in our view, extension of one working day for issue of 2,40,59,266 warrants is just and appropriate and it is accordingly granted,” the bench added.

 

 

The tribunal had on August 14 granted a one-week extension to the company to raise the capital, as interim relief against the July 31 order by market regulator Securities and Exchange Board of India (Sebi).

 

The one-week extension expired on August 21.