Business

PNBHF-Sebi Case: SAT gives split verdict

By Dan Neff

He said Sebi didn’t have jurisdiction to issue such a direction before a decision was made at the EGM.

Synopsis

The Securities Appellate Tribunal on Monday gave a split verdict on PNB Housing Finance’s petition, which challenged the market regulator’s stay on the mortgage lender’s proposal for a preferential issue of shares to private equity funds.

Mumbai: The Securities Appellate Tribunal on Monday gave a split verdict on PNB Housing Finance’s petition, which challenged the market regulator’s stay on the mortgage lender’s proposal for a preferential issue of shares to private equity funds.

Since there is a difference of opinion within the two-member bench, the SAT said its interim order would continue to be in force till further orders. The tribunal in its June 21 interim ruling had

BY

ET Bureau

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Dan Neff