SEBI-ZEE: S.A.T. TO HEAR MATTER ON JUNE 26 | 19 June, 2023

The Securities Appellate Tribunal (SAT) today (June 19) said that the next hearing in the SEBI-Zee case will be held on June 26. Earlier, on June 16, SAT refused to give any interim relief to ZEEL chairman Subhash Chandra and managing director Punit Goenka, both of who were barred by SEBI from holding directorship and key managerial positions in any listed company for allegedly siphoning off funds of Zee. The father-son duo challenged the SEBI order before SAT.

News agency IANS reported that Sony’s board of directors is said to be unhappy with developments and is looking at invoking force majeure and material adverse clause in the shareholder agreement in the proposed merger with Zee Entertainment in India.