SAT rejects Zee promoters’ appeals to lift Sebi ban

Mumbai: The Securities and Appellate Tribunal (SAT) has dismissed Zee Entertainment promoters’ appeals to lift Sebi’s ban on them holding directorships in listed entities. “In the absence of any evidence being filed by the appellants before us…we do not find any reason to interfere in the impugned order (passed by Sebi) at this stage,” SAT said on Monday.

It asked Zee founder Subhash Chandra Goenka and his son Punit Goenka, who is the MD of the company, to defend themselves before the markets regulator. “We dispose of the appeals directing the appellants to file a reply along with a stay vacating application to Sebi’s order within two weeks from today,” SAT said.