Dca Moves Hc Against Sterlite Buyback Plan

The Department of Company Affairs (DCA) today filed a petition in the Bombay High Court against the buyback programme of Sterlite Industries. DCA has claimed that the buyback scheme submitted to it for approval is different from that concluded on June 21. The DCA petition is likely to come up for hearing Tomorrow.

A Sterlite Industries spokesperson acknowledged that the company is aware of the DCA petition but declined to comment on grounds that the matter is sub-judice.

The Securities and Exchange Board of India (Sebi) had on June 20 filed a petition in the Bombay High Court against the buyback scheme expressing its reservations against the methodology of the programme. Sources said the DCA, too, had taken a similar stance. The Sebi petition will come up for second hearing on June 27.

 

According to sources, since Sebi had already filed a petition, DCA has also filed it in the Bombay High Court and in all likelihood both the petitions will be clubbed and heard together later.

In the second week of June, the Sebi had referred the issue of Sterlite Industries