The Securities and Exchange Board of India has reportedly told the Bombay High Court that no action will be taken against Zee Chairman Emeritus Subhash Chandra in the issue of summons till April 30.

Justice GS Kulkarni and Justice Firdosh Pooniwala heard Chandra's petition against the summons issued by Sebi in the fund diversion case. The media baron has been reportedly asked to file a rejoinder.

Chandra approached the HC on January 5, objecting to Sebi's summons, saying that was issued in an unprecedented manner and in a language that hinted that the allegations against him had already been proven.

Alleging that the summons against him was "unfair" and "biased", Chandra reportedly pleaded to the court to declare the summons as "illegal" and "void."

Sebi issued multiple summons to Chandra in January seeking to engage him in the fund diversion case. The market regulator contended that Chandra didn't respond to the summons.

Sebi alleged in its 2023 June probe that Zee diverted funds worth Rs 200 crore through related party transactions. This was contested by Chandra and his son Punit Goenka before the Securities Appellate Tribunal (SAT). Sebi informed SAT that it was conducting wider investigations as the transactions were quite complex.