Mumbai: The Securities Appellate Tribunal (SAT) on Wednesday reserved its order on interim relief in an appeal filed by Zee Entertainment Enterprises and Punit Goenka, challenging the order of the capital markets regulator Securities & Exchange Board of India (Sebi).
The division bench comprising presiding officer Justice PS Dinesh Kumar and technical members Meera Swarup and Dheeraj Bhatnagar reserved its order on interim relief after hearing all the parties and directed them to file their replies and submissions within the next six weeks.
Before that, senior advocates Ravi Kadam and Zal Andhyarujina, appearing for Zee Entertainment, argued that Sebi’s order is “punitive” and beyond the statutes of the Sebi Act. The company, through its counsel, further argued that the order should not take effect until the resolutions approved at the company’s EGM on July 31, 2026, are completed, as they are for the company’s benefit.