AGL 22.90 Decreased By ▼ -1.83 (-7.4%)
AIRLINK 103.99 Decreased By ▼ -7.11 (-6.4%)
BOP 5.36 Decreased By ▼ -0.18 (-3.25%)
CNERGY 3.86 Decreased By ▼ -0.04 (-1.03%)
DCL 8.02 Decreased By ▼ -0.43 (-5.09%)
DFML 39.10 Decreased By ▼ -3.15 (-7.46%)
DGKC 86.95 Decreased By ▼ -2.65 (-2.96%)
FCCL 22.70 Decreased By ▼ -0.20 (-0.87%)
FFBL 40.59 Decreased By ▼ -1.39 (-3.31%)
FFL 8.89 Decreased By ▼ -0.15 (-1.66%)
HUBC 153.50 Decreased By ▼ -8.70 (-5.36%)
HUMNL 10.65 Decreased By ▼ -0.70 (-6.17%)
KEL 4.55 Decreased By ▼ -0.23 (-4.81%)
KOSM 3.90 Decreased By ▼ -0.16 (-3.94%)
MLCF 37.50 Decreased By ▼ -1.45 (-3.72%)
NBP 49.00 Decreased By ▼ -1.60 (-3.16%)
OGDC 134.15 Decreased By ▼ -2.96 (-2.16%)
PAEL 26.15 Decreased By ▼ -2.40 (-8.41%)
PIBTL 6.07 Decreased By ▼ -0.18 (-2.88%)
PPL 116.79 Decreased By ▼ -6.01 (-4.89%)
PRL 23.55 Decreased By ▼ -0.75 (-3.09%)
PTC 12.90 Decreased By ▼ -0.84 (-6.11%)
SEARL 57.25 Decreased By ▼ -2.80 (-4.66%)
TELE 7.45 Decreased By ▼ -0.31 (-3.99%)
TOMCL 35.74 Decreased By ▼ -3.66 (-9.29%)
TPLP 8.50 Decreased By ▼ -0.26 (-2.97%)
TREET 15.68 Decreased By ▼ -0.52 (-3.21%)
TRG 56.40 Decreased By ▼ -3.60 (-6%)
UNITY 33.40 Decreased By ▼ -1.00 (-2.91%)
WTL 1.18 Decreased By ▼ -0.04 (-3.28%)
BR100 8,433 Decreased By -274.3 (-3.15%)
BR30 26,639 Decreased By -1159 (-4.17%)
KSE100 80,118 Decreased By -1722 (-2.1%)
KSE30 25,681 Decreased By -584.1 (-2.22%)

BENGALURU/MUMBAI: An Indian tribunal on Monday dismissed an appeal by former Zee Group Chairman Subhash Chandra and Zee Entertainment CEO Punit Goenka to lift the markets regulator’s ban on the duo holding board positions in publicly listed companies.

The Securities and Exchange Board of India (SEBI) issued the ban on June 12, alleging that Chandra and Goenka were actively involved in diverting company funds to the group’s other listed entities and firms related to founding shareholders.

The Securities Appellate Tribunal (SAT) refused to vacate the regulator’s directions, saying it did not find any illegality or irrationality in SEBI’s order and saw no merit in interfering.

The SAT further said the order was passed “considering the sense of urgency which was infused by a host of circumstances, namely diversion of funds from a listed company to related parties which are controlled by them”.

It directed SEBI to pass a final order by the middle of next month and asked Chandra and Goenka to defend themselves before the regulator.

A spokesperson for Zee declined to comment. Chandra and Goenka have denied the allegations.

The ruling comes as Zee and an India unit of Japan’s Sony Group are closing in on a merger announced in 2021 to create a $10-billion TV enterprise, with Goenka set to become the merged entity’s managing director and CEO.

However, regulatory approvals are pending.

A unit of Sony had said it was tracking developments that ‘may affect’ the deal, while Goenka had reportedly said the merger will go through “whether or not” he is the CEO of the merged company.

Zee’s shares fell as much as 5.7% after the ruling. The stock is down 16.6% so far this year after losing 25.2% in 2022.

Comments

Comments are closed.