The Securities and Exchange Board of India (Sebi) told the Securities and Appellate Tribunal (SAT) on Thursday that Essel Group Chairman Subhash Chandra suppressed material facts in the alleged fund diversion case involving Zee Entertainment Enterprises.
Sebi counsel Darius Khambata told SAT that Chandra filed an appeal in SAT in late February and made arguments on March 8, three days after he approached the Bombay High Court on March 5 and wanted the court to declare the Sebi probe as ‘illegal and void’ because of it being ‘vitiated by bias and conflict of interest’.
Sebi had earlier submitted to the tribunal that Chandra was ‘not cooperating’ with the summonses issued.
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In an earlier hearing, counsel for Chandra said that he did not hold any key position in any firm and was ready not to take any role if the Sebi order against him was stayed. He argued that there was no urgency for the order and no allegations had been proved.
“From a fair reading of the summonses, it is apparent that Respondent No. 1 (Sebi) has already predetermined the petitioner as guilty at the investigation stage itself, without following due process, principles of natural justice, ongoing investigation is nothing but a sham and a formality,” notes the appeal filed by Chandra in Bombay HC.
The arguments in the SAT will continue on March 19.
First Published: Mar 14 2024 | 8:05 PM IST