Calcutta, Aug. 4 :     K.D. Paul, who along with his associates hold a 25.27 per cent in Calcutta Chemicals (Calchem), has threatened to take the Securities and Exchange Board of India (Sebi) to court for its reluctance to investigate the Henkel Spic India-Shaw Wallace share-transfer deal. He is drawing up a case against the market regulator which examined the share transfer on the directive of the Calcutta High Court (HC), heard all respondents but concluded that the deal required no investigation. Sebi said the price at which Shaw Wallace?s 55 per cent stake in Calchem was transferred to Henkel Spic India was right. It also observed that the deal did not violate the takeover code because an infrequently traded scrip can be transferred at any price agreed between an acquirer and a seller. Shaw Wallace had sold its controlling stake in its consumer products division comprising Calchem and Detergents India for Rs 51.05 crore to Henkel Spic India. The deal was finalised in January and the money parked in an escrow account in line with the direction of the Calcutta high court in a separate case relating to Shaw Wallace?s repayment plan for creditors. In February, a division bench of the high court directed Sebi to investigate the complaints filed by K.D. Paul and others. ?The observations of Sebi are shocking. The regulator did not obey the Calcutta high court?s order on investigating the deal. I have to move the court again for justice,? said Paul. Sebi?s reluctance to investigate the deal, he said, was inimical to the interest of ordinary shareholders. The price of Rs 267 paid by Henkel Spic for each of the 4.43 lakh Calchem shares held by Shaw Wallace was ?understated?. According to him, the Calchem scrip should be priced at Rs 400. While Henkel Spic paid Rs 11.80 crore for the equity and cumulative shares, it forked out around Rs 17 crore to buy the distribution rights, Paul said.