SAT allows Punit Goenka to hold managerial posts

Providing relief to Punit Goenka in the funds diversion case, the Securities Appellate Tribunal (SAT) today set aside SEBI’s order, wherein the market regulator had barred Goenka from holding managerial posts in ZEE and listed companies.

With this ruling, Punit Goenka will be able to continue as the MD and CEO of Zee Entertainment Enterprises Ltd.

As reported earlier, in an interim order in June 2023, the Securities and Exchange Board of India (SEBI) had barred Subhash Chandra, Chairman, Essel Group, and Punit Goenka, MD and CEO, Zee Entertainment Enterprises Ltd (ZEEL), from holding position of Director and any key managerial position in any listed company.

SEBI had passed the order after investigations were carried out by the regulator, which revealed that both Subhash Chandra and Punit Goenka had abused their position as Directors and had siphoned off funds in 2019 for their own benefit. SEBI stated that this was done in a planned manner.