The Securities Appellate Tribunal (SAT) on Wednesday reserved its order on Zee Entertainment promoter Punit Goenka’s plea against Sebi’s interim order restraining him from holding any key managerial position in listed entities due to alleged fund diversion.

SAT, reserving the order, directed the Securities and Exchange Board of India (Sebi) and Goenka to file any written submissions within a week.

Sebi’s confirmatory order passed on August 14, bars Zee promoters — Goenka and Subhash Chandra — from holding any directorship or other key managerial positions in the company and other organisations.

The market regulator’s counsel Darius Khambata had said the material gathered in the last four months indicated siphoning of funds and further investigations were underway.

This was challenged by Goenka, who moved the SAT challenging Sebi’s confirmatory order, whereby the regulator restrained the duo from holding the post of director or KMP in at least four Zee group companies as well as in the merged entity of Zee and Sony Pictures Networks India.

Counsels Abhishek Manu Singhvi and Navroz Seervai, representing the Zee promoters, said that Sebi passed the confirmatory order without concluding the investigation and is based on mere speculation.

The market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds, they added.