Goenka is challenging the capital market regulator’s confirmatory order of August 14 barring him and his father, Subhash Chandra, Chairman Emeritus of ZEEL, from holding directorship or managerial position in any listed company or their subsidiaries.
The matter assumes significance as ZEEL is in the process of merging with Culver Max Entertainment (Sony) and Goenka was to be the MD & CEO of the merged entity until the Sebi order barred him from holding any managerial positions.
Sebi chairperson Madhabi Puri Buch’s August 14 order prevents Punit Goenka from becoming the MD and CEO of the combined Sony-Zee entity until the regulator concludes its investigation in an alleged fund-diversion case against the father-son duo.
The capital market regulator is probing allegations that Goenka and his father, Subhash Chandra Goenka, diverted funds from Zee to other Essel Group companies without seeking board approval.Sony-Zee merger has received all the requisite regulatory approvals, including from the National Company Law Tribunal, the Competition Commission of India, and stock exchanges.
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