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SAT grants Zee one-day extension for 2.4 crore warrant issue
Tribunal grants ZEEL and Punit Goenka one working day to issue 2.40 crore warrants after subscription funds were credited a day late despite being deposited within the deadline.
Mumbai: The Securities Appellate Tribunal (SAT) on August 27 granted Zee Entertainment Enterprises Ltd (ZEEL) and Punit Goenka an extension of one working day to issue 2.40 crore warrants, after the subscription amount was deposited within the prescribed deadline but credited to the relevant account a day later.
The order relates to separate appeals filed by ZEEL and Goenka against the Securities and Exchange Board of India (SEBI). SAT had, through an August 14 order, allowed the appellants to subscribe to and issue the warrants within one week.
Of the total 24.95 crore warrants, 20.94 crore had been subscribed within the period permitted by SAT. The appellants sought an extension of one working day for issuing a further 2.41 crore warrants, while the remaining 1.60 crore warrants had not been subscribed.
ZEEL and Goenka argued that the delay was technical in nature, as the required subscription amount had been deposited within the stipulated period but was credited to the relevant account only on the following day.
“Keeping in view the totality of facts and circumstances, in our view, extension of one working day for issue of 2,40,59,266 warrants is just and appropriate and it is accordingly granted,” SAT said in its order.
The tribunal subsequently disposed of Miscellaneous Applications 816 and 817 of 2026 filed by ZEEL and Goenka, respectively.
The order was passed by a three-member bench comprising Justice P.S. Dinesh Kumar, Presiding Officer, Meera Swarup, Technical Member, and Dr Dheeraj Bhatnagar, Technical Member.
