The tribunal directed Sebi to file a reply within 48 hours and put the matter for disposal on June 19.
“Having heard the learned counsels for the parties, we are of the opinion that passing an interim order at this stage would be virtually allowing the appeal,” said the SAT bench.
He said that the merger of ZEEL with Sony Pictures Networks India is pending for consideration before the National Company Law Tribunal (NCLT). The next hearing before the NCLT is slated for June 16.
Goenka was to be the managing director of the merged entity worth Rs 40,000 crore.
The tribunal enquired about the time required by Sebi to complete the investigation in the matter.
“While the investigation is still underway, their continuation as a director/Key Managerial Personnel in any listed company or its subsidiaries is likely to be prejudicial to the interest of those companies, particularly its investors,” said the order by Sebi whole time member Ashwani Bhatia.
Sebi had alleged that the duo had a direct role in diversion of assets of ZEEL and other listed companies of Essel Group and benefited from liquidation of FD of ZEEL by Yes Bank through associated entities.
Sebi had initiated the probe following the resignation of two independent directors from the company in November 2019.
The regulator in its order also noted that while the promoters held only a 3.99 per cent stake in ZEEL, Chandra and Goenka continued to be at the helm of the affairs of the company.
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