SAT refuses stay on SEBI order against Subhash Chandra and Punit Goenka

At a hearing held today, July 10, 2023, the Securities Appellate Tribunal (SAT) refused to grant interim stay on the Securities and Exchange Board of India’s (SEBI) order restraining Subhash Chandra, Chairman, Essel Group, and Punit Goenka, MD and CEO, Zee Entertainment Enterprises Ltd from holding any key managerial position or chairmanship in any listed company.

In June this year, SEBI had placed the restraining order on Chandra and Goenka for alleged siphoning off funds.

Earlier, following Goenka’s plea challenging SEBI’s interim order, SAT had, in a hearing held on June 27, 2023, reserved its order.

After SAT’s refusal to grant stay, the Tribunal has given Chandra and Goenka two weeks’ time to file their replies.