Now Reading: SAT reserves order on interim relief for Zee, Goenka
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SAT reserves order on interim relief for Zee, Goenka
The Securities Appellate Tribunal on Wednesday reserved its order on interim relief in an appeal by Zee Entertainment and Punit Goenka, challenging a Sebi order. The ET Bureau reports that senior advocates…
The Story in Brief
The Securities Appellate Tribunal on Wednesday reserved its order on interim relief in an appeal by Zee Entertainment and Punit Goenka, challenging a Sebi order. The ET Bureau reports that senior advocates Ravi Kadam and Zal Andhyarujina, appearing for Zee, argued the regulator's order is 'punitive' and beyond the Sebi Act. They sought that it not take effect until resolutions approved at the company's extraordinary general meeting on July 31, 2026, are completed, as they are for the company's benefit. The bench of Justice PS Dinesh Kumar, Meera Swarup and Dheeraj Bhatnagar directed parties to file replies and submissions within six weeks.
The Indian Opinion
The usual noise around this case pits a 'heavy-handed regulator' against a 'corporate survivor'. Both miss the point. SEBI has a duty to act, but Zee's plea that the order is punitive and should wait until shareholder-approved resolutions are completed is not unreasonable. The tribunal's six-week window for submissions is sensible, not a delay. The real test: will SAT's final order allow the July 31 EGM resolutions to go through without the SEBI order hanging over them? That answer will show if regulation stifles legitimate business fixes.
Source: legal.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
