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PNB Housing Finance-Carlyle deal: Sebi questions directors role

PNB Housing Finance-Carlyle deal: Sebi questions directors’ role SECTIONS Share Agencies The PNB Housing board had approved the allotment in May as part of an exercise to raise ₹4,000 crore, with Carlyle becoming a majority owner. Related Mumbai: The Securities and Exchange Board of India (Sebi) has questioned the role played by the directors of PNB Housing Finance in the planned preferential allotment of shares to the Carlyle Group, in a letter sent late last month. “On the basis of material available on record, it is evident that the company has failed to comply with the principles governing disclosures and obligations of a listed entity,” Sebi said in a June 25 letter to the company. ET has seen a copy of the note. “Keeping in view the aforesaid apparent transgression of the law, the company and the board of directors are called to explain as to why it cannot be construed that the directors have failed to discharge responsibility cast upon them in law and conse

PNB Housing-Carlyle deal: PNB Housing, parent firm differ view on Carlyle deal recast

The hearing before SAT, which was adjourned on July 5, is scheduled for July 12. “The board of the company, by a majority resolution passed on July 6, 2021, decided that since the issue involved relates to interpretation of law and is sub-judice, before the Hon’ble Securities Appellate Tribunal (“SAT”), the Board will await the SAT’s order on this issue,” PNB Housing said in a regulatory filing Wednesday. PNB board, after deliberating on the issue on July 3 on the basis of a legal opinion obtained from a law firm, told PNB Housing to “take cognizance of the directive issued by SEBI vide their letter dated June 18, 2021 and reconsider restructuring the contours of the deal/transaction of the capital raising in line with such SEBI directive”.

SAT quashes SEBI order restraining Morepen Lab from securities trading

Morepen Laboratories announced that the Hon ble Securities Appellate Tribunal (SAT) by an order pronounced on 15 April 2021 (hosted on website of the SAT on 24 April 2021), quashed and set aside the Order dated 24 September 2019 passed by the Securities and Exchange Board of India (SEBI) whereby SEBI had restrained the company from buying, selling or otherwise dealing in securities and accessing the securities markets for one year from the date of the SEBI Order. It may be mentioned that the SEBI order relates to a GDR issued made by the company way back in 2003. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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