Sony-ZEE $10 Billion Merger Back on Track After Regulator Ban on MD Punit Goenka Lifted

variety.com:

Naman Ramachandran The ban by Indian regulator Securities and Exchange Board (SEBI) on Punit Goenka, MD-CEO of media giant Zee Entertainment Enterprises (ZEEL) has been lifted after an appeal.

In June, SEBI barred Goenka and ZEEL chair emeritus Subhash Chandra from holding management positions in listed companies while SEBI carried out investigations into allegations of insider trading and fund siphoning.

Goenka appealed the order with India’s Securities Appellate Tribunal (SAT). On Monday, SAT said in a statement: “The impugned order cannot be sustained and is quashed insofar as it relates to the appellant (Goenka).

The restraint order passed by the respondent pursuant to the ad interim order and the confirmatory order restraining the appellant from functioning as a managing director is set aside.