Securities Appellate Tribunal allows PNB Housing Finance to hold extraordinary general meeting
The Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to hold its extraordinary general meeting (EGM) on Tuesday. Among other proposals, the shareholders’ meet will consider the contentious deal with the Carlyle group.
In an interim order, the tribunal said the results of the voting on the proposed transaction will not be declared and that it will be kept in a sealed cover till the final orders are passed. This came after the housing finance company filed an appeal against Sebi’s direction that it should not proceed with the transaction till a valuation is done by an independent valuer.
On Monday, the shares of PNB Housing Finance were locked in at the lower circuit because of the Sebi order. It ended lower by 5 per cent at Rs 702.40 on the BSE.
“The company has filed an appeal before SAT against the letter issued by Sebi on June 18,” PNB Housing said in a regulatory filing on Monday. Sebi had directed the company that it should not consider the first item of the EGM notice (of May 31, 2021) till such time as an independent valuation of the shares is done.