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In May 2023, the NCLT's Mumbai bench refused to entertain IDBI's plea noting that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC).
In 2020, Siti Broadband had availed of a loan of ₹5 crore from Aditya Birla Finance, to be repaid in 19 quarterly instalments after a moratorium of five quarters from the first disbursement. According to Aditya Birla Finance, Siti Broadband has been defaulting on payments since November 2021.
Monday's order, which now supersedes a restrictive ruling by the Securities and Exchange Board of India (Sebi) in August, ensures Goenka will continue to hold leadership positions in Zee and, in the future, as a key executive of the merged entity. The capital markets regulator could challenge the SAT ruling in the Supreme Court.
The SAT found that continuing the interim order was harsh and unwarranted, especially given SEBI's "track record" of not completing investigations on time.
The Securities Appellate Tribunal (SAT) on Monday overturned a regulatory ban on Punit Goenka, managing director and chief executive of Zee Entertainment Enterprises, that prevented him from holding a directorship or top managerial role in a listed entity.