Essel Group Chairman Subhash Chandra and ZEE's MD and CEO Punit Goenka may move the Supreme Court against SAT dismissing their appeal in the Sebi case.

The tribunal on Monday rejected an appeal made by the Zee promoters against the market regulator barring the duo from holding key positions in their companies.

Meanwhile, industry experts told exchange4media that the Zee-Sony merger is likely to be sealed.

According to Karan Taurani, Senior Vice President at Elara Capital, a merger between ZEE and Sony is quite likely. "Whatever happens with SEBI and SAT is happening at the individual level and it won’t change things much.”

Industry reports also say that the deal is likely to see the light of day.

"We presume the NCLT order shall be positive since the matter was related to lenders in NCLT. As per the Zee management, the company had either settled with lenders or the case was disposed of where Zee was remotely connected," Dolat Capital said in a note released on Monday.

The Mumbai bench of the National Company Law Tribunal on Monday reserved its order on the Zee-Sony merger. The division bench has allowed parties to file their written submissions. As per media reports, Zee's counsel said that "non-creditor objectors in the matter, who are not even the company's creditors are holding the merger to ransom".