The chairman emeritus of Zee Entertainment Enterprises, Subhash Chandra has reportedly moved the Securities Appellate Tribunal (SAT) against Sebi's order that prohibited him from holding directorial roles in listed entities.

Sebi has been reportedly directed to file its reply and with SAT posting the matter for further hearing on March 8.

On Monday, Sebi counsel Darius Khambata reportedly pointed out that the Zee Chairman Subhash Chandra hasn't been cooperating in the investigation about the alleged fund diversion despite being given summons, seeking information and documents.

In response, Chandra's counsel, Shyam Mehta reportedly stated that SAT has already heard the matter and passed a judgement based on Zee Entertainment MD & CEO Punit Goenka's appeal, which is also applicable to Chandra.

He also accused the Sebi order of being "prejudicial" to him and the companies he is associated with said the news report.

Last year, the market regulator barred Chandra and Goenka from holding any directorial or key managerial position for a year. The action has been taken against the two for “siphoning off funds from the listed entity for their own benefit.”