New Delhi, Aug. 12 -- Zee Entertainment Enterprises Ltd on Wednesday asked the Securities Appellate Tribunal (SAT) to lift the Securities and Exchange Board of India's (Sebi's) market-access ban, saying it needs to sell about Rs.1,200 crore of liquid mutual fund investments to fund day-to-day operations.

Responding to the tribunal's question on why the company wanted to sell the investments, Zee's counsel said the funds would be used mainly for short-term business requirements: "For making films, paying people, creditors."

The plea comes as Zee challenges Sebi's 31 July order barring the company from accessing the securities market for two months. The order also restrained chief executive officer Punit Goenka and promoter Subhash Chandr...