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Punit Goenka moves SAT against SEBI order

Mumbai: After the SEBI confirmatory order barring Subhash Chandra and his son Punit Goenka from holding any key managerial position in the prospective merged Sony-Zee entity, the latter, one of the promoters of Zee Entertainment Enterprises, moved the Securities and Appellate Tribunal (SAT) on Friday against the same order dated August 14.

The SEBI order bars Goenka from holding any executive position at Zee or its subsidiaries while the market regulator completed its investigations.

While the Zee-Sony merger has received all its clearances, uncertainty around Goenka’s fate remains.

One of the key terms of the merger was appointing Goenka as the head of the merged entity. The Zee-Sony merger has already been delayed for more than two years because of legal wrangles. If after eight months, SEBI concludes that Goenka had indeed misappropriated funds, he is likely to be permanently barred from holding the top executive position at Zee as well as in the merged entity.

So far, the merger plans have not changed, despite Goenka’s travails with SEBI.

Sony has not yet declared the replacement for Goenka to lead the merged entity. Goenka has also mentioned that the merger will continue with or without his consent.

The matter will be heard on August 30.



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