SAT stayed the SEBI order against Zee Entertainment and allowed the company to proceed with its proposed ₹3,143 crore preferential warrant issue to promoters.
The tribunal also allowed ZEEL to access its mutual fund units for dividend distribution. The interim relief, however, is subject to the company depositing the penalty imposed by SEBI.
SAT had on Wednesday reserved its order on the interim relief pleas filed by Zee Entertainment and CEO Punit Goenka against SEBI’s July 31 order barring them from accessing the securities market.
ZEEL had sought permission to proceed with the proposed ₹3,143 crore preferential warrant issue, citing a limited window to complete the fundraise.
The company told SAT that shareholders had already approved the issue and that it had received in-principle approval from the stock exchanges. The warrants are proposed to be issued to Sunbright Mauritius Investments, a promoter-group entity.
