MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) has formed an interim committee to run day-to-day operations as its managing director and chief executive Punit Goenka failed to get relief from the Securities Appellate Tribunal (SAT).
Last week, SAT refused to give any interim relief to Essel Group chairman Subash Chandra and his son Punit Goenka against a Sebi order that barred them from holding the position of director or key managerial post in any listed company. The interim committee will function under the supervision of the board of ZEEL.
“The board in a meeting conducted on July 14 evaluated and discussed all the necessary steps, in light of the interim order passed by the Securities and Exchange Board of India (Sebi) and the subsequent judgement by the Securities Appellate Tribunal,” the spokesperson said.
“Since the order restricts Punit Goenka from holding the position as director or key managerial position in a listed company, the board of the company has constituted an interim committee of senior executives to ensure smooth operations of the company,” the spokesperson added. Reacting to the news, the shares of ZEEL rose 6 percent to close at Rs229 on the Bombay Stock Exchange on BSE.