The Securities Appellate Tribunal (SAT) has overturned a Securities and Exchange Board of India (Sebi) order that prevented Puneet Goenka from holding key managerial positions in Zee Entertainment Enterprises Ltd (ZEEL) and the merged entity of ZEEL and Sony Pictures Networks. The SAT rejected Sebi’s argument that Goenka’s role as Managing Director in ZEEL would obstruct an investigation into alleged fund misappropriation. The tribunal emphasized that the allegations against Goenka were unproven, and the investigation might extend beyond the stipulated time. It noted that nearly all ZEEL shareholders had faith in Goenka as CEO of the merged entity in 2022. The case involves allegations of fund diversion by ZEEL promoters Subash Chandra and Puneet Goenka. The SAT argued that since the investigation is based on bank account statements, there is no risk of tampering by Goenka.