PNB Housing Finance has appealed against The Securities & Exchange Board of Indiaorder barring the lender seeking shareholders' nod for its Rs 4000-crore capital infusion deal with the Carlyle group and other investors.
"The company has filed an appeal before the Securities Appellate Tribunal against the letter issued by Sebi on June 18," it said in a regulatory filing.
ET had on Sunday highlighted this possibility.
Sebi had said that resolution related to the deal violates the company’s Articles of Associations and the company must undertake an independent valuation of the business. A shareholders' meeting was scheduled to be held on June 22 to approve the deal.
Following the proposed capital infusion, Carlyle and Salisbury Investments, a family investment vehicle of former chief executive Aditya Puri, are set to be the new promoters of the company, besides the original promoter .
"The company and its board of directors continue to believe the pricing of the deal is in compliance with all relevant laws and rules," PNB Housing had said on June 19.
“Preferential allotment is in the best interests of the company, its shareholders and all relevant stakeholders,” it had said.
The deal has come under the lens of the regulators after certain sections of the investment industry, including a proxy advisory firm, raised doubts about the neutrality of the PNB Housing board.
"The company has filed an appeal before the Securities Appellate Tribunal against the letter issued by Sebi on June 18," it said in a regulatory filing.
ET had on Sunday highlighted this possibility.
Sebi had said that resolution related to the deal violates the company’s Articles of Associations and the company must undertake an independent valuation of the business. A shareholders' meeting was scheduled to be held on June 22 to approve the deal.
Following the proposed capital infusion, Carlyle and Salisbury Investments, a family investment vehicle of former chief executive Aditya Puri, are set to be the new promoters of the company, besides the original promoter .
"The company and its board of directors continue to believe the pricing of the deal is in compliance with all relevant laws and rules," PNB Housing had said on June 19.
“Preferential allotment is in the best interests of the company, its shareholders and all relevant stakeholders,” it had said.
The deal has come under the lens of the regulators after certain sections of the investment industry, including a proxy advisory firm, raised doubts about the neutrality of the PNB Housing board.
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