File image of Punit Goenka
The Securities Appellate Tribunal on Monday lifted the ban on Zee Entertainment prime boss Punit Goenka to carry board positions in any of the 4 Zee Group firms, paving the way in which for him to renew the proposed function within the deliberate merger between ZEE and the Indian unit of Japan’s Sony Group.
Shares of Zee Entertainment rose as a lot as 3.7% submit the order.
India markets regulator, Securities Exchange Board of India (SEBI), in August, had barred Goenka and Zee Group Chairman Subhash Chandra from holding positions in Zee firm boards alleging they had been actively concerned in diverting firm funds to the group’s different listed entities and corporations associated to founding shareholders.
The SAT’s verdict on Chandra was not introduced by 12 pm.
Zee Group had introduced a merger of ZEE with Sony’s Indian enterprise in 2021, however the transfer was delayed because of an interim SEBI order which had restrained Goenka from directorships of any listed firms.
In August, the corporate tribunal had authorised the merger making a $10 billion firm.
While acknowledging the SAT order, Zee stated in an announcement that Goenka will cooperate with any additional investigations by the regulator.
