Mumbai: Zee Entertainment Enterprises has approached the Securities and Exchange Board of India (SEBI) seeking clarity on its proposed fundraise from the promoter group led by Subhash Chandra, in light of the market regulator's order barring the company and its promoters from accessing the securities market for two months and 12 months, respectively.Apart from approaching SEBI for clarification, the company has also moved the Securities Appellate Tribunal (SAT), challenging the regulator's July 31 order, which imposed a cumulative penalty of ₹1.48 crore on Zee, Chandra and Goenka, besides barring them from the securities market. On July 31, the company received shareholder approval to raise up to ₹3,143.5 crore through an issue of fully convertible warrants to promoter group entity Sunbright Mauritius Investments Ltd. The warrants are priced at ₹126 each, with 25% of the issue price payable upfront and the remaining 75% payable upon conversion. The warrants can be converted in one or more tranches within 18 months of allotment.However, the SEBI order could potentially complicate the fundraise if Zee fails to secure legal relief."So as far as the fundraising, we have already written to the regulator seeking clarification and we have not received any response from there. We have also approached the SAT and we have filed an appeal there and we are hopeful of a resolution of this sooner rather than later. Based on the outcome of these efforts, we will be able to determine the future course of action," Mukund Galgali, CFO, Zee Entertainment, said during the Q1 earnings call.On its arbitration with JioStar over the International Cricket Council (ICC) TV rights dispute, both parties have filed their written submissions and the final evidentiary hearings before the tribunal have been completed. Pursuant to the tribunal's directions, both parties are required to file their post-hearing briefs.JioStar is seeking $1.097 billion in damages, a claim that Zee has denied. In 2022, Star, then owned by Disney, sub-licensed the ICC TV rights to Zee while retaining the digital rights. Star subsequently alleged that Zee had failed to fulfil its obligations under the agreement, prompting it to initiate arbitration proceedings.While JioStar maintains that Zee is liable for damages for failing to honour the agreement, Zee has disputed the claim and maintains that Star/JioStar failed to fulfil its own obligations under the contract. "The Star arbitration hearings were held in July which we have disclosed and now further procedural steps will follow and we are looking at an outcome possibly in Q3 of this year," Galgali said.