Zee board forms interim panel to run ops as Sebi bars Goenka

Zee Entertainment Enterprises Ltd's (ZEEL's) board has formed an interim committee of senior executives to run operations after managing director Punit Goenka's appeal for relief from a markets regulator order barring him from holding key positions in listed firms failed.

- Gaurav Laghate

"Since the order restricts Punit Goenka from holding the position as director or key managerial position in a listed company, the board of the company has constituted an interim committee of senior executives to ensure smooth operations of the company," a company spokesperson said, adding that the board met on 14 July to discuss the necessary steps in light of the interim order passed by the Securities and Exchange Board of India (Sebi) and the subsequent judgement by the Securities Appellate Tribunal (SAT).

On 10 July, SAT refused to grant relief against the Sebi order concerning Goenka and his father, Subhash Chandra. Mint had reported that in the absence of a stay, Goenka would have to step down unless he could secure a favourable order from the Supreme Court.

The interim committee will be under the supervision of the board and will seek its guidance on all matters related to the company, the spokesperson added.

"The board continues to have immense faith in the value-building leadership skills showcased by Punit Goenka and will monitor the progress of the matter," he said.