 "PNB housing finance, Punjab national bank")
The Securities Appellate Tribunal (SAT) in a hearing on Tuesday said market watchdog Securities and Exchange Board of India (Sebi) tried to pre-empt the outcome of PNB Housing Finance’s extraordinary general meeting (EGM) that was called to decide on the allotment of preferential shares to the Carlyle Group and other investors.
“At what stage can Sebi step in and decide the affairs of a company? Is it fair for the regulatory authorities to step in prior to the shareholders taking a decision? How can you say the decision is fait accompli? Do you think the shareholders are dummies?” SAT asked Sebi,
