Punit Goenka vs Sebi
- CitationAppeal No. 262 of 2026
Ratio decidendi
The rule this decision rests on
The Tribunal holds that an extension of time for issuing warrants may be granted where the failure to meet the deadline is a technicality arising from the delayed crediting of subscription money that was deposited within the time permitted, and where, on the totality of the facts and circumstances, the extension is just and appropriate.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Date : 27.08.2026 Misc. Application No. 816 of 2026 In Appeal No. 262 of 2026 Zee Entertainment Enterprises Limited ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. Ravi Kadam, Senior Advocate with Ms. Shruti Rajan, Mr. Nitesh Jain, Mr. Anubhav Ghosh, Mr. Vivek Shah, Ms. Praneeta Ragji and Mr. Anugraha Jaising, Advocates i/b Trilegal for the Appellant. Mr. Chetan Kapadia, Senior Advocate with Mr. Mihir Mody and Mr. Vijay Chockalingam, Advocates i/b. M/s. K. Ashar & Co. for the Respondent. AND Misc. Application No. 817 of 2026 In Appeal No. 263 of 2026 Punit Goenka ...Appellant Versus Securities and Exchange Board of India ...Respondent Mr. P.N. Modi, Senior Advocate with Mr. Rushin Kapadia, Ms. Shruti Rajan, Mr. Nitesh Jain, Mr. Anubhav Ghosh, Mr. Vivek Shah, Ms. Praneeta Ragji and Mr. Anugraha Jaising, Advocates i/b Trilegal for the Appellant. Mr. Chetan Kapadia, Senior Advocate with Mr. Mihir Mody and Mr. Vijay Chockalingam, Advocates i/b. M/s. K. Ashar & Co. for the Respondent. 2 ORDER: Heard Mr. Ravi Kadam and Mr. P.N. Modi, learned Senior Advocates for the Appellant and Mr. Chetan Kapadia, learned Senior Advocate for the SEBI. 2. By order dated August 14, 2026 we had permitted the appellants to subscribe and issue the warrants within one week. This application is filed seeking extension of one working day, contending, inter alia, that out of 24,94,85,563 number of warrants 20,94,47,805 warrants have been subscribed within the time permitted by this Tribunal and 2,40,59,266 warrants are sought to be issued with a delay of one working day. Remaining 1,59,78,492 warrants have not been subscribed. 3. The extension sought is technicality as the amount for subscription was deposited in time but was credited in the account next day leading to issue of subscription a day beyond the given time. Keeping in view the totality of facts and circumstances, in our view, extension of one working day for issue of 2,40,59,266 warrants is just and appropriate and it is accordingly granted. Misc. Application Nos. 816 of 2026 and 817 of 2026 are disposed of. Justice P.S. Dinesh Kumar Presiding Officer Ms. Meera Swarup Technical Member Dr. Dheeraj Bhatnagar Technical Member 27.08.2026 Digitally signed by MADHUKAR MADHUKAR BHALBAR BHALBAR msb Date: 2026.08.27 17:22:48 +05'30'
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free