Punit Goenka, the managing director and CEO of Zee Entertainment Enterprises Ltd, and Subhash Chandra, chairman, Essel group, are likely to approach the Securities Appellate Tribunal (SAT) after the market regulator issued a confirmatory order last week that barred them from holding any directorial or key managerial position in Zee and its group firms.

According to a CNBC TV-18 report, Goenka and Chandra may seek KMP position till the Securities and Exchange Board of India (Sebi) completes its probe against them .

On Monday, Sebi modified its order against the two and barred them from holding the post of director or key managerial personnel in at least four Zee group companies as well as in the merged entity of Zee and Sony Pictures Networks India till further directions.

Goenka was also restrained from becoming the managing director at the merged entity of Zee and Sony Pictures Networks India, now known as Culver Max Entertainment.

Sebi chairperson Madhabi Puri Buch while passing the confirmatory order had said the investigation by the watchdog in the case “shall be completed in a time-bound manner and in any event, within a period of eight months from the date of this order”.

Sebi had passed an interim order in June this year, where Chandra and Goenka were barred from becoming a director or KMP in any listed company.

The interim order was challenged by the two before the tribunal which was rejected.

In a 91-page order, Sebi on Monday said the interim order is being modified after considering the material on record, oral and written submissions of the entities.

Sebi said post-merger Goenka would be appointed as managing director of the merged firm which means that he would be entrusted with substantial powers of management of the affairs of the merged company.

"That very role in Zee is under question and therefore, till the final outcome of the proceedings in the instant matter, it would be appropriate that he is not part of the management of Zee or any corporate avatar of it,” Buch said.

Last week, in an oral order, the NCLT had approved the merger between Zee and Sony while dismissing all the objections to the proposed amalgamation.