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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”.

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