Zee Entertainment Enterprises moves SAT despite an interim order from SEBI 2023

Zee Entertainment Enterprises Ltd (ZEEL) issued its initial 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 protect the company’s and its shareholders’ interests.

In addition, Zee Entertainment Enterprises filed an appeal with the Securities Appellate Tribunal (SAT) against SEBI’s interim order, which prohibited Essel Group Chairman Dr. Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding director or key managerial positions in any listed company.

Thursday will be the day of the hearing.

“The Board of Directors of Zee Entertainment Enterprises Ltd. Chairman of Zee Entertainment Enterprises, R Gopalan, stated that the Board is currently examining the order’s specifics and that legal counsel is being sought in order to proceed as necessary.

“Year after year, with a singular concentration on enhancing shareholder value, the company’s board has continued to guide management toward its strategic objectives and future priorities. All necessary measures will be taken to ensure that the company’s and all of its valuable shareholders’ best interests are prioritized.

The Board acknowledges Dr. Subhash Chandra’s substantial contribution as the company’s founder, as well as Mr. Punit Goenka’s growth- and value-oriented leadership. He added that the Board is confident that the company will continue to attain its future objectives and, most significantly, create value for all stakeholders.