Zee fund diversion case: Chandra suppressed material facts, Sebi tells SAT

The Securities and Exchange Board of India (Sebi) told the Securities and Appellate Tribunal (SAT) on Thursday that Essel Group Chairman Subhash Chandra suppressed material facts in the alleged fund diversion case involving Zee Entertainment Enterprises.

Sebi counsel Darius Khambata told SAT that Chandra filed an appeal in SAT in late February and made arguments on March 8, three days after he approached the Bombay High Court on March 5 and wanted the court to declare the Sebi probe as ‘illegal and void’ because of it being ‘vitiated by bias and conflict of interest’.