The Securities Appellate Tribunal (SAT) on Monday rejected appeals filed by Essel Group’s Chairman Subhash Chandra and his son Punit Goenka challenging SEBI’s interim order which bars them from holding key managerial positions in any listed entity.
On June 12, the Securities and Exchange Board of India (SEBI), took action against Chandra and Goenka in an alleged diversion of funds of Essel Group companies for their own benefit. Goenka, MD and CEO of Zee Entertainment Enterprises Ltd (ZEEL), had moved to SAT challenging SEBI’s interim order against him and Chandra.