Mumbai: Securities Appellate Tribunal (SAT) has given a divided verdict PNB Housing FinanceRs 40,000 crore ($5.4 billion) share allocation to a group of investors led by Carlyle Group, a decision seen by Reuters showed.
In an interim order, SAT prohibited PNB Housing Finance from disclosing the results of shareholder votes on the deal.
“In view of the difference of opinion amongst the members of the Board, we direct the interim order to be continued till further orders,” the 56-page order said.
NS pnb-carlyle The deal was challenged by Securities and Exchange Board of India (SEBI), which had asked the company to hold it until an independent assessment is made.
PNB Housing Finance challenges SEBI’s orders in SAT, questioning its right to intervene.
SEBI questioned the deal after an institutional investment advisory firm said it was unfair to minority shareholders.
In an interim order, SAT prohibited PNB Housing Finance from disclosing the results of shareholder votes on the deal.
“In view of the difference of opinion amongst the members of the Board, we direct the interim order to be continued till further orders,” the 56-page order said.
NS pnb-carlyle The deal was challenged by Securities and Exchange Board of India (SEBI), which had asked the company to hold it until an independent assessment is made.
PNB Housing Finance challenges SEBI’s orders in SAT, questioning its right to intervene.
SEBI questioned the deal after an institutional investment advisory firm said it was unfair to minority shareholders.
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