SAT asks SEBI to appoint another whole-time member in Zee case

The Securities Appellate Tribunal (SAT) has modified its previous order from July 10 and instructed the Securities and Exchange Board of India (SEBI) to designate a new whole-time member (WTM) to preside over the hearing of Punit Goenka and Subhash Chandra in the Zee case.

According to earlier news reports, SEBI requested SAT to amend its order and appoint either Ananth Narayan as WTM or an authorised individual to issue a ruling on the matter.

"If no WTM is available, the officer higher in grade, in rank and position will hear the matter," news reports quoted SAT as saying.

Previously, SAT declined to grant a stay on the interim order issued by SEBI against Chandra and Goenka. The appellate tribunal directed them to present a response and submit an application to lift the ex parte ad interim order dated June 12, 2023, within a period of two weeks while disposing of the appeals.

Additionally, the SAT requested them to submit a response to SEBI’s inquiry, urging them to modify the June 12 order by excluding Pen India's name as a related entity.

The appellate tribunal instructed SEBI to designate another WTM to address the objections raised by Chandra and Goenka. The tribunal noticed that SEBI's decision against the father-son duo was influenced by the Shirpur Gold Refinery order of April 25, 2023, despite them not being involved parties in that particular order. Notably, SEBI's WTM Ashwani Bhatia issued the ruling in both cases.

On June 12, SEBI passed an interim order restraining Chandra and Goenka from holding the position of a director or a key managerial personnel in any listed company or its subsidiaries until further orders for purported siphoning and round-tripping of the funds.

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