The Securities Appellate Tribunal (SAT) on September 8 adjourned the matter related to Punit Goenka, who has been barred by the market regulator from holding key positions within four Zee group firms and in the merged entity of ZEEL and Sony Pictures Networks India, to September 14.

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At today’s hearing, Zee’s former promoter Punit Goenka’s counsel requested SAT to set aside the Securities and Exchange Board of India's (SEBI) confirmatory order against Goenka. “The concept of keeping Punit Goenka out of office till investigation is wrong,” the counsel said.

This came after the tribunal on August 30 said it was not satisfied with eight months’ time that the markets regulator has taken for investigation.

Goenka had then argued that the former Zee promoter’s appointment as MD in Zee-Sony merged entity is not detrimental to public shareholders and that SEBI is keeping Goenka out of office for a very long time. SEBI order against Goenka is disproportionate, his counsel said and sought interim protection against it as it is premature.

SEBI is taking eight months just for investigation, it will take further time to adjudicate, the counsel pointed out. Goenka also asserted that all transactions between Zee Ent and other Essel entities have a valid basis and that the business relationship between Zee Ent and other entities in question is very old and continuous.

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This comes against the backdrop of a SEBI order that alleges that Goenka and his father Subhash Chandra, former chairman of Zee Entertainment Enterprises Ltd (ZEEL), abused their roles as directors and Key Managerial Personnel (KMPs) of a listed company by siphoning off funds for their own benefit.

At the August 31 hearing, SAT had asked SEBI to file a reply to Punit Goenka’s arguments by September 4 and Goenka to file a rejoinder by September 7.