Essel Group: Subhash Chandra, ZEEL MD & CEO move SAT to challenge Sebi's order

Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd MD and CEO Punit Goenka have moved the Securities Appellate Tribunal challenging the Sebi interim order that barred them from holding the position of a director or key managerial personnel in any listed company, sources said. Market regulator Sebi took action against Chandra and Goenka for allegedly siphoning off funds of Zee Entertainment Enterprises Ltd (ZEEL). They have challenged the Sebi order at Securities Appellate Tribunal (SAT) and the hearing is slated for Thursday (June 15), sources in the know of the development said. As per their plea, there was no show cause notice issued to them and the principles of natural justice were not followed, the sources added. Comments from ZEEL could not be obtained as an e-mailed query remained unanswered. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate ...