After the Securities and Appellate Tribunal (SAT) set aside the Sebi order that barred the Chief Executive Officer of Zee Entertainment Enterprises (ZEEL) Punit Punit Goenka from holding managerial and directorial posts in listed companies for a year, the market regulator may move Supreme Court, said a news report.

The Zee board could also convene shortly to discuss Goenka's role after SAT ruled in his favour, according to the report.

The market regulator barred the Chairman of the Essel Group Subhash Chandra and Goenka from holding any directorial or key managerial position for a year. The action was taken against the two for “siphoning off funds from the listed entity for their own benefit.” Goenka then moved the SAT against the Sebi order.

With SAT setting aside Sebi's order, industry watchers said it could expedite the Zee-Sony merger process as the company is now relieved from the legal uncertainties that clouded it.