ZEE's Subhash Chandra Moves SAT Against Sebi's Order
Subhash Chandra, Chairman Emeritus of Zee Entertainment Enterprises, is allegedly contesting Sebi's judgement prohibiting him from holding directorial posts in listed businesses in an appeal filed with the Securities Appellate Tribunal (SAT).
Sebi has been instructed to submit its response and the SAT has scheduled the next hearing for March 8.
Sebi counsel Darius Khambata reportedly emphasised on Monday that Zee Chairman Subhash Chandra has not been responsive in the investigation into the alleged fund diversion, despite receiving summons requesting information and documents.
In response, counsel Shyam Mehta representing Chandra reportedly mentioned that SAT has previously heard and delivered a judgment on the matter based on the appeal of Zee Entertainment MD & CEO Punit Goenka, which is also applicable to Chandra.
Mehta also alleged that the Sebi order has a "prejudicial" impact on him and the companies he is associated with, according to the news report.
Last year, the market regulator imposed a one-year ban on Chandra and Goenka, preventing them from holding any directorial or key managerial positions. This action was taken due to alleged "siphoning off funds from the listed entity for their own benefit."
