PNB Housing Finance on Thursday said the Supreme Court has dismissed as “non-necessary” the Sebi’s plea against the Securities Appellate Tribunal (SAT) order in the matter related to the company’s plan to raise equity capital of Rs 4,000 crore. . PNB Housing Finance said last week its board of directors had “decided not to proceed with the preferential issue and to terminate the implemented share membership agreement with the proposed allottees as per their respective terms”.
Along with this, the appeal filed by the Securities and Exchange Board of India (SEBI) before the Securities Appellate Tribunal (SAT) in June also became unnecessary. “Accordingly, the company has filed an application before SAT on October 19, 2021, seeking approval to withdraw the appeal,” PNB Housing Finance said in a regulatory notice given to SEBI on Thursday.
SEBI’s petition, filed in the Supreme Court, was listed for hearing on October 20, 2021. “Keeping in view the above developments, the Supreme Court dismissed the SEBI’s petition holding that the subsequent developments made the petition unnecessary,” the company said in the regulatory notice.
Amid legal hurdles, PNB Housing Finance on October 14 said it has canceled a proposed Rs 4,000-crore share sale plan for US-based private equity firm Carlyle Group and others.
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