A day after the Securities and Exchange Board of A India (Sebi) barred Subhash Chandra, Essel Group's chairman, and his son Punit Goenka, managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL), from holding any key position in listed entities, the duo approached the Securities Appellate Tribunal (SAT), challenging the markets regulator's order.
In a 16-page interim order on Monday, Sebi accused Chandra and Goenka of siphoning off funds from ZEEL for their own benefit back in 2019.
Janak Dwarkadas, senior counsel representing Chandra and Goenka, submitted in SAT that they were never served any show-cause notice. "The principles of natural justice haven't been followed," he argued.
A bench led by Justice Tarun Agarwala agreed to hear the matter on Thursday.
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