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Goenka and Chandra challenged a SEBI interim order barring them from holding directorial or key managerial positions (KMPs) in any listed company or its subsidiaries.
In his arguments, senior advocate Janak Dwarkadas, representing Goenka, said that by removing two key people from the company, Sebi has infringed upon their fundamental rights to be employed. He argued that while Sebi had issued the interim order against them, no direction had been issued against Yes Bank for appropriating the Rs 200 crore fixed deposit without ZEEL's approval.
Appearing for Sebi, senior counsel Darius Khambata argued that the regulator has found a series of transactions that took place where related parties were involved, and such transactions are undisputed. "We gave them 21 days to come to us and explain, but they came here, and they are saying they are not here on merit but on the process," Khambata said. "The appellants, instead of rushing to the appellate tribunal, could have come to Sebi to present their case when the time was given to them."
Supreme Court judge, Justice Dipankar Datta on Saturday urged judges and senior lawyers to impress upon young lawyers to accept judgeship and not reject the same only for economic reasons.
Zee-Sony Merger: Refuses to take on record additional affidavit filed by Sebi in the matter