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On Monday, the Securities Appellate Tribunal (SAT) revoked a prior regulatory prohibition on Punit Goenka, the managing director and CEO of Zee Entertainment Enterprises, from holding significant managerial roles in listed firms. This move potentially accelerates the intended merger between Zee and Culver Max Entertainment, the local subsidiary of Japan's Sony Group Corp. , Companies News, Times Now

The Securities and Exchange Board of India (SEBI) is considering appealing to the Supreme Court against the Securities Appellate Tribunal's recent decision to lift the ban on Zee Entertainment's CEO, Punit Goenka, from serving on the boards of listed companies for a year. SEBI had imposed this ban due to allegations of fund misappropriation by Goenka and Essel Group Chairman Subhash Chandra Goenka.

The Securities and Exchange Board of India had barred Goenka from holding the position of director or key managerial personnel (KMP) in the company and other group entities for alleged siphoning off funds

While setting aside the order, the tribunal also directed Goenka to cooperate with Sebi's probe against him. If any material comes out against Goenka during the course of the investigation, then the appropriate procedure can be adopted by the regulator in accordance with the law.

The Securities Appellate Tribunal has overturned the decision made by SEBI, which had imposed a one-year ban on Zee Entertainment's CEO, Punit Goenka, preventing him from serving on the boards of listed companies. This likely paves the way for the completion of the merger between Zee-Sony, creating a $10 billion media entity in the country.