SAT allows Zee Entertainment to proceed with Rs 3,100 crore warrant issue

The Securities Appellate Tribunal (SAT) on Friday allowed Zee Entertainment Enterprises (ZEEL) and its managing director and CEO Punit Goenka to proceed with the proposed issue of fully convertible warrants to a promoter group entity, providing a temporary relief from the securities market debarment imposed by the Securities and Exchange Board of India (SEBI).

A three-member SAT bench headed by Presiding Officer Justice P S Dinesh Kumar stayed the relevant portion of SEBI’s July 31 order to the limited extent necessary for ZEEL and Goenka to complete the preferential warrant issue, subject to both depositing the full penalty within a week.