In a recent development, the Securities Appellate Tribunal (SAT) made modifications to its previous order from July 10. As per reports, SAT has now directed the Securities and Exchange Board of India (SEBI) to appoint another whole-time member (WTM) specifically for the hearing of Punit Goenka and Subhash Chandra in the Zee case. This new directive comes as the case unfolds, and the regulators seek to ensure a fair and impartial hearing process.
SEBI had previously requested SAT for appointment of Ananth Narayan as WTM or authorized person for the Zee Case.
In case no WTM is available, an officer with a higher grade, rank, and position will preside over the proceedings, SAT representatives had told the media.
According to SAT, the SEBI WTM is mandated to schedule a hearing within one week from the date of the Goenkas’ reply submission. Subsequent to the hearing, the WTM will be responsible for issuing appropriate orders within two weeks.
The case continues to unfold, and the regulators are closely monitoring the proceedings.