SAT hearing on Punit Goenka's appeal against SEBI confirmatory today

The Securities Appellate Tribunal (SAT) is scheduled to hear Zee CEO Punit Goenka's appeal regarding SEBI's (Securities and Exchange Board of India) confirmatory order today. This date was established during the previous hearing on September 14.

During the September 14 hearing, SAT had sought clarification regarding the basis for SEBI's imposition of an 8-month deadline for completing the investigation in this case. The tribunal had also questioned whether SEBI could realistically meet this specified timeline without requiring extensions.

“The matter is listed today before SAT for rejoinder arguments to be advanced on behalf of Puneet Goenka as SEBI concluded its arguments in the matter on 14.09.2023. If the rejoinder arguments on behalf of Punit Goenka are concluded today, SAT is likely to reserve its judgment in the matter. Given there is no interim stay on the operation and effect of SEBI's confirmatory order dated 14.08.2023,’ explained Pradyuman Dubey, Partner, DSK Legal.

On August 14, shortly after the NCLT (National Company Law Tribunal) approved the Zee-Sony merger, SEBI issued an order barring Zee promoters Punit Goenka and Subhash Chandra from taking on significant management positions within Zee companies or the newly merged entity with Sony. SEBI's investigation into the matter as per the order is expected to be conducted within 8 months.

“Goenka is likely to look forward to the SAT judgment being delivered expeditiously. The best outcome for Goenka would be if SAT overturns SEBI’s confirmatory order otherwise the restraint imposed by that order will continue to be applicable on him for the time being,” Dubey said.