TaxTMI 
TaxTMI 
2026 (8) TMI 1146
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....Vivek Shah, Ms. Praneeta Ragji, Mr. Taposh Das and Mr. Anugraha Jaising, Advocates i/b. Trilegal for the Appellant.) Chetan Kapadia, Senior Advocate with Mr. Sumit Rai, Mr. Mihir Mody, Mr. Vijay Chockalingam and Mr. Aavish Shetty, Advocates i/b. K. Ashar & Co. for the Respondent. ORDER ON INTERIM RELIEF Per: Justice P.S. Dinesh Kumar, Presiding Officer These two appeals are directed against order dated 31.07.2026, passed by the QJA (Quasi- Judicial Authority), SEBI (Securities and Exchange Board of India) issuing directions contained in para 438 of the impugned order. 2. Appeal No.262 is filed by the Noticee No.1, Zee Entertainment Enterprises Limited ('Company/ZEEL' for short). Appeal No.263 is filed by Noticee No.2, Punit G....
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....ith a majority of 76.64%. This became legally binding upon the Company to proceed further in terms of Regulation 170 of the SEBI (ICDR) Regulations, 2018 (SEBI (Issue of Capital and Disclosure Requirements), 2018) to make allotment within 15 days i.e. by 14.08.2026. On the same day, Company disclosed about the EGM resolution to the Stock Exchanges at around 8 p.m. SEBI passed the impugned order on the same day at around 9 p.m. but neither a copy was made available on the website nor was served upon the appellants. At 10 p.m., news publications reported that an order had been passed by SEBI restricting the Company and its KMPs (Key Managerial Personnel) from accessing the securities market. Immediately thereafter, at around 11.43 p.m., appel....
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.... without the approval of the Board or shareholders. In substance, he contended that appellants had acted contrary to the interest of the shareholders by diluting its security unauthorisedly and such entities are not entitled for any relief in the hands of this Tribunal. 9. We have carefully considered rival contentions and perused the records. 10. Admitted position is, about 76.64% shareholders (other than promoters) have approved the issuance of warrants in the EGM. The debarment for the Company is for two months to deal with the securities. It was argued on behalf of the appellants that pursuant to the impugned order, the share price of Company's scrip has dropped considerably. It was urged that if the interim relief is not granted,....
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....sal has been approved by 76.64% public shareholders and about 96% of the shareholders are public shareholders. With the allotment of warrant issue, the Company is likely to get an investment of about Rs.3,100 Crores. Keeping in view the fact that the public shareholders are about 96%, in our view further issue of fully convertible warrants by preferential warrant route, will be beneficial to the public shareholders. 14. Therefore, in our considered opinion, in the light of the facts recorded herein above and particularly the fact that SEBI has no objection for the proposed investment after expiry of 2 months, the interim prayer merits consideration. Since, the matter is at the stage of admission, the other contentions urged before us are....