After Punit Goenka, Subhash Chandra moves SAT for relief in Sebi case

Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises, has approached the Securities Appellate Tribunal (SAT), challenging the SEBI confirmatory order issued in 2023.

The confirmatory order banned him and Punit Goenka from holding directorships in any listed entity.

Chandra's counsel said that Sebi's summons were pertaining to the requirement of certain documents despite knowing that there is nothing to be given from his end.

During a hearing on Chandra's appeal to stay an August 2023 Sebi order at the Securities Appellate Tribunal on Monday, Chandra's counsel said the SAT judgement in the Goenka matter applies to Chandra as well, and added that he has approached the SAT now seeking a stay on the Sebi's confirmatory order.

Only Goenka filed the appeal initially because he was the managing director and chief executive of Zee, the counsel said, adding that Chandra was only a chairman emeritus in the company.

The tribunal gave 10 more days to Sebi to file a reply to the appeal filed by Chandra and set the next date of hearing on the appeal for March 8.

A counsel for Sebi said the businessman has been repeatedly seeking additional time to furnish documents sought from him.

Chandra is "not cooperating" with the investigations, the counsel said, adding that the capital markets regulator had also sent summons to him on January 12 this year.

"I want to put it on record that in fact, he (Chandra) is not cooperating (in the investigations). We have been writing to him, giving him summons, seeking information documents," the Sebi counsel said.

Sebi had said that Chandra and his son Punit Goenka had allegedly abused their roles as directors and Key Managerial Personnel (KMPs) of a listed company by siphoning off funds for their own benefit. The regulator had also barred the duo from holding key managerial positions in listed entities.

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