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The Securities Appellate Tribunal (SAT) on Tuesday reserved order in the Zee Entertainment Enterprises' plea, challenging market regulator Sebi's interim order. SAT had deferred the hearing of the plea on Monday to June 27.
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."
Zee Entertainment Enterprises' challenge to the Securities and Exchange Board of India's (SEBI) interim order continues at the Securities Appellate Tribunal, while the National Company Law Tribunal hears a potential merger with Sony Pictures Networks India.
On June 19, the SAT had refused to give any interim relief to Chandra and Goenka after the markets regulator barred them from holding the position of a director or key managerial personnel in any listed company or allegedly siphoning off funds of the media firm.