SAT lifts ban on Zee’s Punit Goenka on holding key positions – Newz9

Securities Appellate Tribunal (SAT) on Monday lifted the ban on Zee Entertainment high boss Punit Goenka to carry board positions in any of the 4 Zee Group firms, paving the way in which for him to renew the proposed position within the deliberate merger between ZEE and the Indian unit of Japan’s Sony Group.
Shares of Zee Entertainment rose as a lot as 3.7% publish the order.
Markets regulator, Securities Exchange Board of India (Sebi), in August, had barred Goenka and Zee Group chairman Subhash Chandra from holding positions in Zee firm boards alleging they have been actively concerned in diverting firm funds to the group’s different listed entities and companies associated to founding shareholders.
The Securities Appellate Tribunal’s verdict on Chandra was not introduced by 1147 IST.
Zee Group had introduced a merger of ZEE with Sony’s Indian enterprise in 2021, however the transfer was delayed as a consequence of an interim SEBI order which had restrained Goenka from directorships of any listed firms.
In August, India’s firm tribunal had authorized the merger making a $10 billion firm.
While acknowledging the SAT order, Zee stated in a press release that Goenka will cooperate with any additional investigations by the regulator.