The Securities Appellate Tribunal (SAT) on Monday pronounced its order on the PNB Housing-SEBI case with both judges having different observations on the market regulator's action.
Meanwhile, the interim order on PNB Housing Carlyle Deal will continue.
In its interim order, the SAT had restricted PNB Housing to disclose the results of shareholders' votes on the deal with Carlyle.
In July, SEBI had defended its decision to intervene in the PNB Housing case before the company's extraordinary general meeting (EGM), saying it was necessary for shareholders to get the correct valuation at which investors led by the Carlyle Group would acquire shares and management control.
The Competition Commission of India (CCI) had, on August 4, given its nod for the proposed investments by Carlyle Group and other investors in PNB Housing Finance.
SEBI began probing the share allotment in June after Stakeholders Empowerment Services (SES), an institutional investment advisory firm, claimed that by opting for a preferential allotment in housing finance, PNB would lose at least Rs 2,000 crore.
(Edited by : Anshul)
First Published: Aug 9, 2021 12:12 PM IST
