PNB to apprise board of PNB Housing Finance deal in Friday meet

The board of Punjab National Bank (PNB) is scheduled to meet on June 25, and the lender will apprise the board of the PNB Housing Finance deal that is mired in controversy.

 

Although the issue is not a part of the listed agenda of the board meeting, the lender will apprise the members about the fate of the deal.

 

The shareholders of PNB Housing on Tuesday voted on a special resolution for a preferential allotment of shares to a clutch of investors led by the Carlyle Group.

 

The mortgage lender had moved the Securities Appellate Tribunal after the Securities and Exchange Board of India halted its fundraising proposal, and termed the decision as “ultra vires” of its Articles of Association.