Mumbai: ZEE has filed a petition challenging the order before the Securities Appellate Tribunal (SAT) after the Securities and Exchange Board of India (SEBI) gave an interim order imposing a ban on ZEE promoters Subhash Chandra and Punit Goenka, preventing them from holding directorial and key managerial roles due to allegations of funds siphoning. ZEE’s counsel mentioned that principles of natural justice hadn’t been followed in the case.

Following ZEE’s petition, SAT has asked SEBI to file its response within 48 hours.

According to reports, ZEE contended that SEBI’s order will impact the hearing on its merger deal with Sony before the National Company Law Tribunal (NCLT), which is scheduled for 16 June 2023. The NCLT hearing for the merger will also provide clarity on the exchange reassessment issue.