The Securities Appellate Tribunal (SAT) has reserved its order on the plea filed by Zee Entertainment promoter Punit Goenka challenging the Securities and Exchange Board of India’s (Sebi) interim order, which restrains him from holding key managerial positions in listed entities due to alleged fund diversion. Sebi’s confirmatory order, issued on August 14, prohibits ZEEL promoters, including Goenka, from holding directorships or key managerial positions in the company and other organizations. Goenka, who moved SAT against this order, contests the allegations of fund diversion, claiming Sebi’s order is based on speculation without concluding its investigation. SAT has directed Sebi and Goenka to submit any written submissions within a week.