SAT breather to Goenka in ZEEL case

Mumbai: In a major relief to Zee Entertainment Enterprises’ promoter Punit Goenka, the Securities Appellate Tribunal on Monday quashed Sebi’s order that had barred him from holding key managerial posts in the company and other group firms. While setting aside the Sebi order in a case related to siphoning off funds, the tribunal also directed Goenka to cooperate with Sebi’s probe against him. If any material comes out against Goenka during the course of the investigation, then the appropriate procedure can be adopted by the regulator in accordance with the law.

Any observation made in this order is only a prima facie observation and will not influence the investigation nor will be utilised by either of the parties, it added. The order came after Goenka challenged the Sebi’s confirmatory order.