Zee Entertainment Enterprises moves SAT against SEBI's interim order; hearing on Thursday

Zee Entertainment Enterprises Ltd (ZEEL) issued its first response to an interim ex-parte order issued by market regulator Securities and Exchange Board of India (SEBI) on Monday, stating that its board is currently reviewing the detailed order, and that all necessary steps will be taken to ensure that the interest of the company and its shareholders is kept at the forefront. 

Zee Entertainment Enterprises also filed an appeal with the Securities Appellate Tribunal (SAT) against SEBI's interim order, which barred Essel Group Chairman Dr Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding the position of director or key managerial personnel in any listed company. 

The matter will be heard on Thursday.

"The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI) with respect to Dr Subhash Chandra and Mr Punit Goenka. The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required," said R Gopalan, Chairman, Zee Entertainment Enterprises.

"With a singular focus on enhancing shareholder value year after year, the board of the company has continued to guide the management towards its strategic goals and priorities for the future. All the appropriate steps will be taken as necessary in order to ensure that the interests of the company and all its valuable shareholders are kept at the forefront. The Board recognises the significant contribution made by Dr Subhash Chandra as the founder of the company and the growth- and value-generation-centric leadership showcased by Mr Punit Goenka. The Board is confident that the company will continue to achieve the set goals for the future and, most importantly, create value for all stakeholders," he added.