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The Securities Appellate Tribunal (SAT) on Wednesday directed the Securities & Exchange Board of India (Sebi) to file its response by September 4 in an appeal filed by Punit Goenka, the promoter of Zee Entertainment Enterprises Limited (ZEEL). The tribunal will now hear the matter on September 8, 2023.
The July 19 order passed by the arbitrator refused to grant urgent interim relief to Max and also refused to grant status quo as regards third-party rights.
Max Healthcare claimed that the term sheet it signed with Touch Healthcare, which owns Care Hospitals along with TPG-backed Evercare Group, had granted it exclusivity in deal negotiations until April 12. However, the owners of Hyderabad-based Care Hospitals were already talking with other buyers on April 11, in violation of the agreement, it alleged.
This development follows the tribunal’s prior directive to appoint another whole-time member of Sebi to issue a final order on the matter.
The SAT dismissed an appeal from Zee Group Chairman Subhash Chandra and Zee Entertainment Chief Executive Punit Goenka over a ban on the duo by India markets regulator from holding board positions in public listed companies for a year.