Mumbai: As per media reports, Securities Appellate Tribunal (SAT) on Thursday, agreed to modify its directives passed in an order dated 10 July regarding Zee funds diversion case. SAT had directed SEBI to appoint a WTM (Whole Time Director) other than Ashwani Bhatia, who had passed an interim order against Punit Goenka and Subhash Chandra to remove any kind of bias. However, SEBI will soon be left with only one WTM other than Mr. Ashwani Bhatia as Ananta Barua is scheduled to retire on 31 July.

The third WTM, Ananth Narayan was a part of a settlement hearing related to Zee in an insider trading and non-disclosure matter while the fourth WTM SK Mohanty’s term ended on 23 June.

SEBI had filed an application on 24 July for modification in the SAT order due to lack of whole-time members (WTMs) to take up the Zee case.

Modifying the previous order, SAT directed SEBI to appoint another WTM and if no WTM is available, then any authorised officer higher in grade or rank or position to the WTM would hear and decide the matter.

Credits: Elara Capital senior VP Karan Taurani