As Zee and Sony merger received an approval from the National Company Law Tribunal (NCLT), Punit Goenka and Subhash Chandra are likely to approach the Securities Appellate Tribunal (SAT) against the market regulator’s order barring them from holding key managerial positions in the merged company, sources told CNBC-TV18 on August 16.

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ZEEL promoter Goenka and Essel Group promoter Chandra may seek KMP position till the Securities and Exchange Board of India (SEBI) completes its probe against the two, sources said.

They added that Goenka may argue how he can be kept out of office till SEBI concludes the investigation.

Zee Group has declined to comment on CNBC-TV18's query.

The development comes two days after SEBI modified its order against Chandra and Goenka and barred them from holding the post of director or key managerial personnel in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India till further directions.

Sebi Chairperson Madhabi Puri Buch on August 14 said the investigation in the case of alleged siphoning off funds of ZEEL "shall be completed in a time-bound manner and in any event, within a period of eight months from the date of this order."

In the interim order passed earlier in June, Chandra and Goenka were barred from becoming a director or key managerial personnel (KMP) in any listed company but that direction has been modified as aforementioned.

In the 91-page order, Buch said the interim order was modified after considering the material on record, oral and written submissions of the entities.

Till further directions, Chandra and Goenka have been barred from holding the post of director or KMP in ZEEL, Zee Media Corporation Ltd. Zee Studios Ltd (a wholly-owned subsidiary of ZEEL), Zee Akaash News Pvt Ltd. (a wholly-owned subsidiary of Zee Media Corporation Ltd).

Besides, they have been restrained from holding the positions in any resultant company that is formed pursuant to a merger or amalgamation of the above named companies with any other company, wholly or in part.