SAT Questions Rationale Behind SEBI's 2-Month Market Ban On Zee Entertainment, Reserves Order On Interim Relief

The Securities Appellate Tribunal on Wednesday reserved its order on the interim relief sought by Zee Entertainment Enterprises Limited (ZEEL) and Punit Goenka against SEBI's market access restrictions. SEBI had restrained ZEEL from accessing the securities market for two months and Goenka for one year in the case concerning the alleged unauthorised pledging of ZEEL's Hyderabad property to secure loans for promoter-linked entities.During the hearing, a the coram of Presiding Officer Justice...

Zee Entertainment, Punit Goenka Challenge SEBI's Market Ban Over Hyderabad Property Pledge

Zee Entertainment Enterprises Limited (ZEEL) and its former Managing Director and CEO Punit Goenka have approached the Securities Appellate Tribunal (SAT), challenging an order passed by the Securities and Exchange Board of India (SEBI). The order restrains them from accessing the securities market over the alleged unauthorized pledging of ZEEL's Hyderabad property. SEBI, on July 31, 2026, restrained ZEEL from accessing the securities market for two months. Goenka and former Chairman Subhash...

SAT Stays SEBI's ₹29.15 Crore Penalty Order Against Suzlon Energy, Officials

The Securities Appellate Tribunal on August 7, 2026, stayed the operation of a Securities and Exchange Board of India order imposing penalties totalling ₹29.15 crore on Suzlon Energy Limited and its officials, subject to them depositing ₹10 crore in a fixed deposit with a lien marked in favour of SEBI within four weeks.The order was passed by Presiding Officer P.S Dinesh Kumar, Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. “The impugned order shall remain stayed subject to appellant...

SAT Launches E-Filing Portal; Fresh Appeals, Documents To Be Filed Online From August 3

The Securities Appellate Tribunal (SAT), Mumbai, has officially launched its e-filing portal for advocates and litigants.Beginning August 3, 2026, fresh appeals and all other judicial documents must be filed through the portal after users complete registration and obtain the tribunal's approval.A notice issued by the tribunal on July 31 states that new users must first register on the portal before they can file an appeal or any other document. Once approved by SAT, they can begin filing appeals...

Review Before Tribunal Barred After Withdrawing Supreme Court Appeal Without Liberty: SAT Mumbai

The Securities Appellate Tribunal (SAT) at Mumbai on 22 July held that it cannot entertain review applications against its order after a party invokes the Supreme Court's appellate jurisdiction by filing statutory appeals under the Securities and Exchange Board of India (SEBI) Act and later withdraws those appeals without obtaining express liberty to seek review. A Bench comprising Presiding Officer Justice P.S. Dinesh Kumar with Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar was...

SEBI Cannot Reject Requests Affecting Rights Through Cryptic Communications: SAT Mumbai

The Mumbai Bench of the Securities Appellate Tribunal (SAT) on 8 July held that the Securities and Exchange Board of India (SEBI) cannot reject a request to withdraw an open offer through a cryptic communication, as any decision having civil consequences must be supported by reasons. Presiding Officer Justice P.S. Dinesh Kumar with Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar allowed the appeal filed by Marwadi Chandarana Intermediaries Brokers Ltd against SEBI's communication...

Former Lakshya Promoter Moves SAT Against SEBI's Approval Of Learnfluence Education IPO

Former Learnfluence Education Limited promoter Adheesh Damodaran has approached the Securities Appellate Tribunal challenging the Securities and Exchange Board of India's approval of the company's proposed Initial Public Offering (IPO). Learnfluence Education Limited operates the Lakshya Indian Institute of Commerce coaching platform.The appeal came up before a Bench comprising Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. After...

SAT Rejects Chennai Society's Challenge To SEBI Order Clearing NSE Officials In Co-Location Case

The Securities Appellate tribunal (SAT) has dismissed an appeal by Chennai Financial Markets & Accountability seeking a fresh examination of alleged collusion between OPG Securities and NSE officials in the co-location case.It held that the society was not an "aggrieved person" entitled to invoke the tribunal's appellate jurisdiction. A coram of Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar passed the order. “Section 15T of the...

Director Cannot Evade Statutory Duties By Claiming Another Director Was In Charge: SAT Mumbai

The Securities Appellate Tribunal at Mumbai (SAT) on 15 June held that a company director cannot avoid statutory responsibility by claiming that another director was managing the company's affairs, while partly allowing an appeal concerning penalties imposed for failure to redress investor grievances. Presiding Officer Justice P.S. Dinesh Kumar and Members Meera Swarup and Dr. Dheeraj Bhatnagar partly allowed the appeal filed by Sanjay Dwivedi and Deepali Dwivedi against an adjudication order...

SAT Sets Aside SEBI's ₹50 Lakh Penalty On Citrus Check Inns Directors Over Violation Of Natural Justice

The Securities Appellate Tribunal (SAT) has set aside a ₹50 lakh penalty imposed by the Securities and Exchange Board of India (SEBI) on three directors of Citrus Check Inns Limited. It held that the adjudication proceedings were vitiated by a violation of the principles of natural justice due to improper service of notices. A coram of Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar allowed the appeals filed by Omprakash Basantlal Goenka,...

SAT Quashes 2010 SEBI Penalty Order Citing 13-Year Delay In Serving Adjudication Order

The Securities Appellate Tribunal (SAT) at Mumbai has set aside a 15-year-old penalty order passed by the Securities and Exchange Board of India (SEBI) against Prince Securities. The tribunal held that, in the facts of the case, any further continuation of proceedings pursuant to an adjudication order that remained unserved on the appellant for 13 years would amount to an abuse of process of law. A coram of Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr....

SAT Mumbai Rules Tax Refund Claim Outside Its Jurisdiction, Partly Allows “Pandya Ka Funda” Review

The Mumbai Securities Appellate Tribunal (SAT) on 8 May held that any claim seeking refund of income tax paid on trading gains forming part of disgorgement proceedings must be pursued separately under the Income Tax Act, 1961. Presiding Officer Justice P.S. Dinesh Kumar with Technical Members Meera Swarup and Dheeraj Bhatnagar partly allowed a review application arising from the “Pandya Ka Funda” stock manipulation case but declined to interfere with findings on fraudulent trading and...