Boi Chief Kathuria Goes All Out To Garner Support: Issue

The Sebi hearings on the Sesa Goa controversy entered an interesting phase with representatives of the Japanese conglomerate arguing on the point that there was a mischief rule of interpretation (regarding the jurisdiction of the Sebi board in matters of acquisition of shares extending to transactions in non-Indian companies). According to insiders, while Mitsui, in a submission to Sebi to show that the Act governing Sebi held only territorial reach, said that it was totally confused on the issue of control in the Sesa Goa company. According to the submission, Mitsui had said that the company (Sesa) offered great potential and with the management in their control, the realisation of the company's potential would take place.

When Sebi queried them, Mitsui representatives said this was legally incorrect but factually correct. Such statements would not exactly be music to minority shareholders of the company.