The Securities and Exchange Board of India (SEBI) informed the Bombay High Court on Wednesday that it would refrain from taking any action until 30th April regarding the summons issued to Subhash Chandra, chairman, Zee Entertainment Enterprises, in connection with an alleged fund diversion case.
A bench comprising Justice G.S. Kulkarni and Justice Firdosh Pooniwala was hearing Chandra’s petition challenging the summons issued by SEBI.
Previously, the court had granted SEBI a two-week period to file a response, which the regulatory body has now submitted.
During the hearing, the counsel representing Dr. Chandra mentioned that a rejoinder was being prepared in response to SEBI’s submissions and requested that the matter be scheduled for further hearing after the rejoinder is filed.
Acknowledging the request, the court adjourned the proceedings until 30th April 2024, affirming that all previous statements and actions related to the case would remain in effect.