The Securities Appellate Tribunal (SAT) has asked the country's capital market regulator, the Securities and Exchange Board of India to respond to a plea filed by Zenith Infotech in two weeks.

Zenith Infotech has appealed against an order from the regulator asking it to provide a bank guarantee of $33.93 million when the promoters of the company have been barred from accessing the capital markets in the country. SEBI had restricted six promoters of Zenith Infotech from accessing the securities market in the country on 25 March, 2013 for allegedly utilising the company assets for personal gains.

SAT admitted the appeal form the Mumbai-headquartered software firm and allowed it to wait until the next hearing before being required to furnish the bank guarantee. The tribunal has fixed May 7 as the next date of hearing in the case. The company's offshore bondholders have also been allowed to file their submission to the tribunal.

Zenith Infotech had made a default on payment of FCCB bonds worth $33 million at the time of their maturity in August 2011. The regulator had asked the company to furnish the ban guarantee within 30 days of passing the order.