The Securities Appellate Tribunal (SAT) will on September 14 hear 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.

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The hearing will begin at 4:30 pm.

In the last hearing on September 8, 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.

Additionally the markets regulator on September 13, argued before the SAT that it sees significant red flags in the transactions between Zee and Essel entities. The markets regulator argued that Zee must present evidence to show that its transactions with Essel entities were genuine and that seven Essel entities in question in the case are controlled by Zee Entertainment's Key Managerial Personnel (KMPs).