Earlier, another WTM, Ashwani Bhatia passed an interim order on June 12, 2023, barring Chandra and Goenka from holding directorial or key managerial positions (KMP) in any listed company or its subsidiaries.
Goenka and Chandra challenged this order before the Securities Appellate Tribunal (SAT), which was dismissed on July 10.
The SAT also directed SEBI to appoint another WTM to hear the appeal filed by Goenka and Chandra challenging the allegations that they were involved in siphoning funds.
Accordingly, the matter was heard by Buch, who has now confirmed the interim order passed on June 12 and modified it to the extent that Chandra and Goenka will not be allowed to hold directorial positions till the completion of the investigation.
In the same August 14 order, Buch added that the SEBI should complete the investigation into the allegations against Chandra and Goenka within a period of 8 months from August 14.
Source: Barandbench
