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The capital markets regulator is taking legal views on appeal against SAT order that set aside SEBI’s ban on Goenka from holding directorial positions, sources told ET Now. The Zee board may also meet soon for discussing Punit Goenka’s role post the SAT order, the sources added.
In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBI’s investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.
Lifting the ban on Goenka from holding the top seats in a board was seen a positive development for the Zee-Sony merger. The merger may go through at a faster clip and may not be exposed to any more delays, Karan Taurani of Elara Securities had said.
The SAT relief had paved the way for the completion of the merger between Zee Entertainment and Culver Max Entertainment (Sony Pictures India), creating a $10 billion media and entertainment powerhouse. The merger was announced in 2021 and has received requisite approvals from regulators, yet has been delayed due to legal controversies over loan defaults by a Zee group entity.
Japan’s Sony Group, of which Sony Pictures is a subsidiary, had informed its shareholders in late September that the merger, which was expected to close by the end of the first half of FY24, might be delayed.
