Key Points
The Securities Appellate Tribunal (SAT) on Tuesday reserved its order on Essel Group Chairman Subhash Chandra and ZEEL Managing Director and CEO Punit Goenka's petitions challenging Sebi's interim order..
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...
On Monday, SAT declined to take on record an additional affidavit filed by Sebi that was related to the regulator's interim order against Chandra and Goenka after objections from the ZEEL promoters...
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ZEEL tanks 6% after Sebi crackdown on Puneet Goenka, Subhash Chandra
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