The Securities Appellate Tribunal (SAT) has given the Securities and Exchange Board of India (SEBI) 48 hours to file a response to a petition from Zee Entertainment promoters Subhash Chandra and his son Punit Goenka. The pair filed a challenge to a recent SEBI interim order, which bars them from holding directorships or key managerial positions in listed companies. The order was passed earlier this week and could potentially delay the merger between Zee and Sony Corp’s India division. The deal was expected to be the largest in the Indian media industry and the merged company would have received fresh cash infusion from Sony, totalling around $1.6bn. SEBI has been asked by SAT to provide a response to the petition promptly to avoid the proposed merger hearing before the National Company Law Tribunal (NCLT) being impacted.
SAT Directs SEBI to Respond to ZEE Promoters’ Petition within 48 Hours
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