SAT refuses to grant interim stay on SEBI’s order against ZEEL

The Securities Appellate Tribunal (SAT) has refused to grant an interim stay on Securities and Exchange Board of India’s (SEBI) order against ZEE Entertainment Enterprises Limited (ZEEL) promoters, Subhash Chandra and Punit Goenka.

Exchange4Media reports that the duo will be responding to SEBI in two weeks.

SAT deferred their plea to 27th July.

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Last month, SEBI had banned Essel Group Chairman Subhash Chandra and ZEEL Managing Director and CEO Punit Goenka’s from holding any directorship or key managerial positions in listed entities on account of alleged fund diversion.