However, the bench of Presiding Officer PS Dinesh Kumar and Technical Members Meera Swarup and Dheeraj Bhatnagar refused to otherwise interfere with the Securities and Exchange Board of India’s (SEBI) July 31 order barring Zee from accessing securities market for two months.
This relief is subject to both Zee and Goenka depositing the full penalty mandated by SEBI within one week.
The deadline for issuing warrants, which was expiring today, was extended by SAT by one week.
The market-access ban imposed by SEBI will remain active barring this specific relief from SAT.
Zee can deploy mutual fund investments for daily operational business needs but cannot use them for other purposes, including the proposed dividend, the SAT said.
However, the bench of Presiding Officer PS Dinesh Kumar and Technical Members Meera Swarup and Dheeraj Bhatnagar refused to otherwise interfere with the Securities and Exchange Board of India’s (SEBI) July 31 order barring Zee from accessing securities market for two months.
This order would mean that Zee and its chief executive officer Punit Goenka can go ahead with the plan to issue fully convertible warrants to the promoter-group entity on a preferential basis for a ₹3,143-crore fundraise.
This relief is subject to both Zee and Goenka depositing the full penalty mandated by SEBI within one week.
The deadline for issuing warrants, which was expiring today, was extended by SAT by one week.
The market-access ban imposed by SEBI will remain active barring this specific relief from SAT.
Zee can deploy mutual fund investments for daily operational business needs but cannot use them for other purposes, including the proposed dividend, the SAT said.
