The Securities Appellate Tribunal (SAT) on Monday dismissed an appeal from Zee Group Chairman Subhash Chandra and Zee Entertainment Chief Executive Punit Goenka over a ban on the duo by SEBI from holding board positions in public listed companies.
The Securities and Exchange Board of India (SEBI) on June 12 barred Chandra and Goenka from listed company boardrooms on allegations of fund diversion.
The regulator in its order had alleged the two were actively involved in diverting company funds to the group's other listed entities and firms related to founding shareholders.
The SAT while refusing to vacate the regulator's directions said that it does not see merit in interfering in the regulator's order and also asked the duo to defend themselves before SEBI.