Supreme Court Junks SEBI's Appeal Against SAT Order As Infructuous

PNB Housing Finance on Thursday said that the Supreme Court has dismissed as "infructuous" the appeal filed by capital markets regulator Sebi against the Securities Appellate Tribunal's order in a matter related to its Rs 4,000-crore equity capital raise plan.

Last week, PNB Housing Finance said that its board of directors have taken the decision to "not proceed with the preferential issue and terminate the share subscription agreements" with the proposed allottees.

Consequently, the appeal of Securities and Exchange Board of India (Sebi) before the Securities Appellate Tribunal (SAT) filed in June also became infructuous.