Shares of Zee Entertainment Enterprises (ZEEL) rallied as much as 8% to a day’s high of Rs 105 on the BSE on Friday after the Securities Appellate Tribunal (SAT) granted interim relief to the company in its case against the Securities and Exchange Board of India (SEBI).
SAT stayed the SEBI order against Zee Entertainment and permitted the company to go ahead with its proposed Rs 3,143 crore preferential warrant issue to promoters. The tribunal also allowed ZEE to use its mutual fund units for dividend distribution. The relief is subject to the company depositing the penalty imposed by SEBI.
