In fact, in the information given to the Bombay Stock Exchange, Punjab National Bank Housing Finance said that SEBI has considered this deal against the ultra-vires ie Article of Association (AOA) law.
Carlyle group is about to invest 4000 crores in PNB Housing Finance.
The Securities Appellate Tribunal (SAT) will hear the matter related to the PNB Housing Finance-Carlyal deal next Monday. The order in this case was expected to come on July 5, though it was postponed to July 12. PNB Housing Finance had appealed in SAT against Sebi’s order in this regard, in which the market maker had restrained it from going ahead with the proposed Rs 4,000 crore deal with Carlyle Group.
SAT, in its June 21 order, had allowed the shareholders’ meeting but also asked not to announce the results of the shareholders’ vote in relation to the deal until further orders of the tribunal. SEBI and Reserve Bank of India are eyeing the deal after concerns were raised from some quarters, including a proxy advisory company. Under this deal, the Carlyle Group will eventually acquire control of Punjab National Bank’s subsidiary PNB Housing Finance.
what is the whole matter
In fact, in the information given to the Bombay Stock Exchange, Punjab National Bank Housing Finance said that SEBI has considered this deal against the ultra-vires ie Article of Association (AOA) law. Apart from this, he needs to get his value fixed from the Independent Registered Valuer. This is the incident of 31st May when it was reported in the market that Carlyle group is going to invest a huge amount of 4000 crores in PNB Housing Finance.
SEBI had banned
After this, market regulator SEBI has stayed the bank’s decision to raise 4000 crore funds from Carlyle Group through preferential share issue with immediate effect. Let us tell you that after this news came on 31 May, this stock had jumped up to 100 percent in the next seven trading sessions. After the arrival of this news, investors need to understand a few things.
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