No immediate relief to Zee promoters as SAT refuses to stay Sebi order

The Securities Appellate Tribunal on Thursday declined to grant immediate relief to Essel group chairman Subhash Chandra and his son Punit Goenka against directions passed by the Securities and Exchange Board of India (Sebi) in an alleged fund diversion case.

The tribunal directed Sebi to file a reply within 48 hours and put the matter for disposal on June 19.

Lawyers representing the promoters of Zee Entertainment Enterprises (ZEEL) appealed for a stay on Sebi’s interim order, which debars them from taking up any key managerial and director positions at listed companies.