SAT defers hearing on SEBI’s confirmatory order

Mumbai: The Securities Appellate Tribunal (SAT) on Friday postponed to September 13 the final hearing on a plea challenging a SEBI’s confirmatory order that barred Zee Entertainment Enterprises Punit Goenka and Subhash Chandra from holding any key positions in the company and other organisations.

After hearing rejoinders from counsels Abhishek Manu Singhvi and Navroz Seervai, representing Goenka and Chandra, SAT said it will continue the hearing on September 13. SAT further stated that on September 14, it will hear Goenka and Chandra’s rejoinders. In his rejoinder, Singhvi said that SEBI passed the confirmatory order without concluding the investigation and is based on mere speculation. The market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds, he added. SEBI’s confirmatory order bars Goenka and Chandra from holding any directorship or other key managerial positions in the company and other organisations. Singhvi also said the Sebi’s order is against public interest considering a merger with Sony, which has been approved by the National Company Law Tribunal (NCLT).