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Relief for PNB Housing Finance: SAT allows vote on Carlyle’s Rs 4,000-crore infusion

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Relief for PNB Housing Finance: SAT allows vote on Carlyle's Rs 4,000-crore infusion

has got a relief with the Securities Appellate Tribunal allowing the mortgage lender to seek vote from shareholders on the Rs 4000 crore capital deal with the American private equity Carlyle and other investors.

The shareholders’ meet is scheduled on June 22. Market regulator Securities & Exchange Board of India had last week told PNB Housing not to seek shareholders approval on the deal before carrying out a valuation on its business by an independent agency.

SAT, however, ordered PNB Housing not to declare the voting results till further notice. The Tribunal, in its interim order on Monday, also directed the lender to issue specific directions to NSDL to withhold the result.

The matter will come for final hearing on July 5.

The SAT order came after PNB Housing Finance appealed against Sebi‘s ruling.

“The company has filed an appeal before the Securities Appellate Tribunal against the letter issued by Sebi on June 18,” the lender said on Monday morning in a regulatory filing.

ET had on Sunday highlighted this possibility.

Sebi had said that resolution related to the deal violates the company’s Articles of Associations and the company must undertake an independent valuation of the business. A shareholders’ meeting was scheduled to be held on June 22 to approve the deal.

The company maintained that the pricing of the deal is in compliance with all relevant laws and rules,” PNB Housing had said on June 19.

Following the proposed capital infusion, Carlyle and Salisbury Investments, a family investment vehicle of former HDFC Bank chief executive Aditya Puri, are set to be the new promoters of the company, besides the original promoter

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