SAT agrees to modify its directions in case involving Zee promoters

The Securities Appellate Tribunal (SAT) on Thursday agreed to modify its directives passed in an order dated July 10 in the fund diversion case involving Zee Entertainment Enterprises’ promoters Punit Goenka and Subhash Chandra.

The Securities and Exchange Board of India (Sebi) had filed an application on July 24 for modification in the SAT order due to lack of whole-time members (WTMs) to take up the Zee case.

On July 10, SAT had directed Sebi to appoint a WTM other than Ashwani Bhatia, who had passed an interim order against Goenka and Chandra to remove any kind of bias.