The market regulator said the notice of the extraordinary general meeting of May 31 “is the power of the Articles of Incorporation (AOA) and will not be implemented until the company evaluates its shares.” Punjab National Bank Housing Finance, a
public sector lender, could knock on the door of the Securities Appeals Court against orders from regulatory levies to seek legal alternatives and suspend transactions for Rs 4,000 with a consortium led by private equity giant Carlyle. The problem, Moneycontrol said. The
consortium includes original HDFC BankMD and CEO AdityaPuri and private equity funds GeneralAtlantic and AresSSG. A rare regulatory intervention in Sebi changed days before an important Extraordinary General Meeting (EGM) scheduled for June 22 to approve the issuance of shares to the Carlyle-led group. Mr. Sebi hopes to conduct an evaluation in accordance with the articles of incorporation of the PNB housing finance company. The
attention-grabbing deal has sparked controversy. Moneycontrol is considered by Sebi after SES (Stakeholders Empowerment Services), an agency advisory firm led by All Sebi ED JN Gupta, raises questions about minority shareholder valuations and investment proposals of major U.S. private funds of interest. It is the first company to report that it is.
Discussions are underway PNB Housing Finance will soon move the Securities Appeals Court to file an appeal and oppose Sebi’s response instructions. The plan is to promote immediate relief. “One of the above individuals said. It was not immediately clear whether Carlyle would participate in PNB Housing Finance in the proposed legal process.
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My name is Mayank Bansal I have a keen interest in writing about the latest happenings in business and market. I am a news writer at review minute.