Zee Entertainment shares rise over 3% after SAT sets aside SEBI order against Punit Goenka

Shares of Zee Entertainment rose 3.6% to Rs 258 in Monday’s trade on BSE after the Securities Appellate Tribunal (SAT) set aside market regulator SEBI’s order barring Zee Entertainment’s CEO Punit Goenka from holding key directorship in listed entities over an alleged fund-diversion case.

In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBI’s investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.