SAT dismisses appeal by Zee chairman, CEO over market regulator ban

The Securities Appellate Tribunal (SAT) on Monday dismissed an appeal from former Zee Group Chairman Subhash Chandra and Zee Entertainment Chief Executive Punit Goenka over a ban on the duo by India markets regulator from holding board positions in publicly listed companies.

The Securities and Exchange Board of India (Sebi) on June 12 barred Chandra and Goenka from listed company boardrooms on allegations of fund diversion.

The regulator in its order had alleged the two were actively involved in diverting company funds to the group’s other listed entities and firms related to founding shareholders.