Subhash Chandra, Punit Goenka Approach Securities Appellate Tribunal Against Sebi Order
Essel Group Chairman Subhash Chandra and Zee Entertainment Enterprises Limited (ZEEL) MD and CEO Punit Goenka filed a petition with the Securities Appellate Tribunal (SAT) on Tuesday challenging a Sebi judgment prohibiting the two from holding significant managerial positions in publicly traded companies.
The senior attorney representing the two claimed that they had not received a show-cause notice.
"Principles of natural justice haven't been followed," the counsel added.
The bench has posted the matter for a further hearing on Thursday.
In an official statement released on Tuesday, R. Gopalan, Chairman of ZEE Entertainment Enterprises, addressed the recent interim ex-parte order issued by the Securities and Exchange Board of India (SEBI) regarding Dr. Subhash Chandra and Mr. Punit Goenka.
The Board of Directors of ZEEL has taken note of the SEBI order and is currently reviewing the detailed document. The Board has also sought appropriate legal advice to determine the necessary steps to be taken in response.
Highlighting the company's commitment to enhancing shareholder value, the Board has been actively guiding the management toward strategic goals and priorities for the future. In order to safeguard the interests of the company and its valuable shareholders, all appropriate actions will be taken as required.
In the statement, Gopalan acknowledges the significant contribution of Dr. Subhash Chandra as the founder of the company and recognizes Mr. Punit Goenka's leadership in driving growth and value generation. The Board expresses confidence in the company's ability to achieve its set goals and create value for all stakeholders.
