File image of Punit Goenka
The Securities Appellate Tribunal on Monday lifted the ban on Zee Leisure prime boss Punit Goenka to carry board positions in any of the 4 Zee Group corporations, paving the best way for him to renew the proposed function within the deliberate merger between ZEE and the Indian unit of Japan’s Sony Group.
Shares of Zee Leisure rose as a lot as 3.7% publish the order.
India markets regulator, Securities Trade Board of India (SEBI), in August, had barred Goenka and Zee Group Chairman Subhash Chandra from holding positions in Zee firm boards alleging they have been actively concerned in diverting firm funds to the group’s different listed entities and corporations associated to founding shareholders.
The SAT’s verdict on Chandra was not introduced by 12 pm.
Zee Group had introduced a merger of ZEE with Sony’s Indian enterprise in 2021, however the transfer was delayed attributable to an interim SEBI order which had restrained Goenka from directorships of any listed corporations.
In August, the corporate tribunal had accepted the merger making a $10 billion firm.
Whereas acknowledging the SAT order, Zee mentioned in a press release that Goenka will cooperate with any additional investigations by the regulator.