SAT to hear Zee promoters' appeal against SEBI ban on Monday

The Securities Appellate Tribunal (SAT) said on Thursday that it will hear the case of SEBI ban on promoters of Zee Entertainment Enterprises Ltd on Monday. 

SAT said it will hear the case and decide on Monday and will not pass an interim order on Thursday. 

SAT asked Securities and Exchange Board of India to file a reply in 48 hours. 

On Monday, SEBI banned Zee's promoters Subhash Chandra and Punit Goenka from holding board positions in listed companies for alleged siphoning of funds.

SEBI said they were actively involved in diverting company funds to the group's related entities.

Zee's board is reviewing the SEBI order, Chairman R Gopalan said in a statement, adding that the company is seeking "appropriate" legal advice before its next move.

SEBI's ban could further delay the merger between Zee and Sony, especially with Goenka slated to become the managing director and chief executive of the merged entity.

Meanwhile, NCLT is set to hear application for Zee-Sony merger on June 16.

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