The other three Zee group companies include - Zee Media Corporation, Zee Media Corp and Zee Aakash News.

According to Securities and Exchange Board of India (SEBI) Chandra and Goenka cannot be directors in any entity which is formed after merger, amalgamation of the four companies.

Thereby impacting Goenka's directorship post merger of Zee and Sony.

This is a slight variation of its previous order where SEBI had barred the duo from company boards.

In the order, Madhabi Puri Buch, chairperson, SEBI said that Goenka's conduct as Managing Director and Chief Executive Officer of ZEEL was found to in violation of norms to prevent fraud.

"His actions were in direct conflict with the interests of 96% public shareholders of ZEEL, necessitating imposition of temporary restraint on him," said Buch.

(Reporting by Jayshree P Upadhyay; editing by David Evans)