MUMBAI (Reuters) – India’s Securities Appellate Tribunal (SAT) has delivered a split verdict over PNB Housing Finance’s 400 billion rupee ($5.4 billion) share allocation to a group of investors led by Carlyle Group, a judgement seen by Reuters showed.
In an interim order, SAT restricted PNB Housing Finance from disclosing the results of shareholder votes on the deal.
“In view of the difference of opinion between the members of the board we direct the interim order to continue till further orders,” the 56-page order read.
The PNB-Carlyle deal had been challenged by the Securities and Exchange Board of India (SEBI), which had asked the company to stall it until it undertook an independent valuation.
PNB Housing Finance challenged SEBI’s orders in the SAT, questioning its authority to make such interventions.
SEBI questioned the deal after an institutional investment advisory firm said it was unfair to minority shareholders.
($1 = 74.3130 Indian rupees)
(Reporting by Nupur Anand; Editing by Alexander Smith)