Zee promoter Punit Goenka on August 25 filed an appeal for the second time against SEBI’s decision barring him and his father, Subhash Chandra, from holding any directorship or managerial position in any listed company, pending investigation by the regulator over alleged fund diversion. The Securities and Appellate Tribunal (SAT) had earlier refused the father-son duo’s first appeal in July. It had said, it didn’t find any reason to interfere with SEBI’s June order. The SAT directed the Goenkas to submit their replies to SEBI.
The regulator then passed a revised order banning the duo from holding directorship of Zee and the merged entity till it completed its investigation against them in eight months. According to the merger agreement between Zee and Sony, Punit was to head the combined entity. The merger is expected to be completed by October.
Subhash Chandra did not file the second appeal on August 25.