Punit Goenka passes SAT test

In a huge relief to Punit Goenka, the Securities Appellate Tribunal (SAT) on Monday set aside the Securities and Exchange Board of India’s (Sebi’s) August 14 order that barred the former top executive at Zee Entertainment Enterprises from holding key managerial positions in group companies.

The tribunal, however, allowed the market regulator to continue its investigation into the alleged fund diversion case, which the latter said involved Goenka and his father Subhash Chandra.

The decision enables Goenka to return as managing director (MD) and CEO of Zee, where he will lead one of the largest merged entities in the domestic media and entertainment sector, following the proposed merger with Sony (Culver Max Entertainment).