Read on the application
Punit Goenka, the former chief of Zee Entertainment Enterprises Limited, has been dealt a major blow by the Securities Appellate Tribunal (SAT). SAT has refused to grant interim relief in SEBI’s case. With this, SEBI has been given time till 4 September 2023 to file its reply. The next hearing of the case has been fixed on September 8, 2023. Meanwhile, shares of Zee Entertainment saw an increase in buying and in afternoon trading it was trading at Rs. 265 was seen trading above.
what is the matter
In fact, in an order recently, Sebi barred Punit Goenka from holding key positions in four Zee Group companies and the Zee Entertainment-Sony Pictures Networks India merged entity. In this case, Goenka had approached the SAT and sought relief by rejecting SEBI’s order.
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Explain that apart from Goenka, Sebi barred his father and former Zee Entertainment chairman Subhash Chandra from holding the position of director or key managerial personnel (KMP) of a listed company after he was found guilty of misusing company funds for his own benefit. .
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The merger has been approved
Recently the National Company Law Tribunal (NCLT) has cleared the merger of Zee Entertainment Enterprises and Culver Max Entertainment (formerly Sony Pictures Networks India). After this approval, the new company that will be created will be worth 10 billion dollars.