SAT Reserves Ruling on Zee, Punit Goenka’s SEBI Plea
By Business Desk
Securities Appellate Tribunal reserves decision on interim relief for Zee Entertainment & Punit Goenka, challenging SEBI’s order. Parties to submit replies in 6 weeks.
The Securities Appellate Tribunal (SAT) on Wednesday reserved its decision regarding interim relief in an appeal filed by Zee Entertainment Enterprises and its CEO, Punit Goenka. This appeal directly challenges a prior order issued by the capital markets regulator, the Securities & Exchange Board of India (SEBI).
A division bench, comprising presiding officer Justice PS Dinesh Kumar and technical members Meera Swarup and Dheeraj Bhatnagar, heard all involved parties before reserving its final order. All parties have been instructed to submit their replies and any further submissions within the next six weeks.
Zee Challenges SEBI’s Enforcement
Senior advocates Ravi Kadam and Zal Andhyarujina, representing Zee Entertainment, presented arguments labeling SEBI’s initial order as “punitive.” They contended that the order exceeded the permissible scope defined by the Sebi Act itself.
The company’s legal counsel further argued that the SEBI order should not be enforced until specific resolutions, which were approved at the company’s Extraordinary General Meeting (EGM) scheduled for July 31, 2026, are fully finalized. These resolutions are deemed by Zee Entertainment to be essential for the company’s overall benefit and its future operational plans.