Punit Goenka gets relief from SEBI Orders after SAT’s Statement

Punit Goenka has received relief from SEBI Orders after SAT’s statement. He was restricted from continuing any leadership position in ZEE by SEBI. It has asked for some time to investigate Punit’s past work track. The SAT’s relive to Punit is seen as a way to fasten the merger process. This will help the company to complete its legal documentation with a head. Here we are going to share all the details about the SAT and SEBI declarations below.

Punit Goenka gets relief from SEBI Orders after SAT's Statement

SAT’s Statement On Punit Goenka’s Work Restrictions

SAT has shared recently that Punit can continue with his managerial operations. Punit Goenka can contribute to the ZEE and Sony merger. SEBI restricted Punit because of the investigation going against him. The reports by SEBI cleared that Punit had misused his position in the compnay. He was working as a director at ZEE. However, some reports bared him from continuing his work on the position. ZEE and Sony Entertainment are going for a merger. The speed of the merger slowed down after he was barred. Later, SAT Securities Appellate Tribute allowed him to continue with his work. According to SAT, there is no harm in continuing Punit with the merger process. As the SEBI investigation is still going on, any guilty of Punit found will be punishable. Until then he can continue with his work.

Why SAT Relieved Punit From The Restrictions?

This is often seen that SEBI Securities Exchange Board Of India often takes time for the investigation. Many times it asks for more and more time by sending the notice. This also was the main reason behind the SAT’s statement. No one found any harm in the continuation of Punit in his role. The majority of the shareholders are in favor of Punit to continue as a managing director of the merged firm. The ZEE and Sony merger will make a big media and entertainment powerhouse worth $10 billion. We are seeing a big merger in the OTT and entertainment industry. Disney India’s acquisition by Reliance and the SONY ZEE merger will total 67% of the industry. There will be a small proportion left for others to compete in the industry.

When Will Sony ZEE Merger Takes Place?

Sony ZEE merger will take place by January 2024. If everything goes well and in the planned manner the merger will take place in the next year beginning. SEBI wanted the merger to be extended till the investigation ends. Stay tuned for more information on our website.

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