SAT questions Sebi's credibility on completion of investigations in Zee matter within stipulated time

Mumbai: On Thursday, the SAT raised doubts about Sebi's ability to investigate the Zee Entertainment Enterprises (ZEEL) case within the deadline set by the tribunal.

The Supreme Court of India was hearing Zee's appeal of Sebi's ruling barring Punit Goenka and Subhash Chandra of Zee Entertainment Enterprises from holding any significant managerial posts in the company or any other organisations for allegedly syphoning off cash of the media corporation.

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Given Sebi's track record, it's likely that the inquiry will be extended beyond the first eight months. This has occurred in more than one instance. Adani and Bennett Coleman are two examples from more recently. After hearing the Securities and Exchange Board of India's (Sebi) lawyer Darius Khambata, SAT remarked, "Your (Sebi's) credibility to complete the investigation within a stipulated period is not there."—Inputs from Agencies