Zee Sony merger case: SAT sets aside SEBI order against Punit Goenka

Mumbai, October 30: The Securities Appellate Tribunal (SAT) set aside the order of market regulator SEBI in which Zee Entertainment Enterprises Limited (ZEEL) promoter Punit Goenka was appointed as
the Chief Manager of the company and other group companies. Was prevented from holding office.
The Appellate Tribunal has quashed the Securities and Exchange Board of India (SEBI) order and quashed the SEBI FIR issued against Goenka. Also instructed to cooperate in the investigation. The order also said that if any fact comes to light against Goenka during the investigation, the regulator
can take appropriate action as per law.
Goenka had challenged the SEBI order passed on August 14 in SAT. In its order, SEBI had barred Zeel’s promoters – Goenka and Subhash Chandra – from holding any directorship or other key managerial positions in the company.

After this news, on October 31, ZEEL shares closed at Rs 259.20 on the NSE with a gain of about 3.45 percent. ZEEL’s share price hit its 52-week high of ₹291 on August 10, 2023, and its 52-week low of ₹171 on June 20, 2023. As of the last traded price, the stock is down about 10.9 percent from its 52-week high.