The fate of Zee's Subhash Chandra and Punit Goenka will be decided by major shareholders, who will present their point of view to SEBI. If serious charges against them are not proven, they could be reappointed if major shareholders support them. The Zee-Sony merger has been approved by the NCLT and is expected to complete in three to four months. The SEBI chairperson may hear Chandra and Goenka's replies in their case, but it is difficult to predict the outcome.