New Delhi: The Securities and Exchange Board of India (Sebi) has petitioned the Supreme Court (SC) to overturn a decision made by the Securities and Appellate Tribunal (SAT) in a case involving a change of ownership at New Delhi Television (NDTV), The Business Standard reported quoting sources.
In a ruling dated July 20, SAT rejected Sebi’s claim that Vishwapradan—a company connected to the Reliance group from which NDTV promoters borrowed money—had influence over NDTV through its ownership of the debentures.
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According to sources, Sebi filed an appeal with the SC to prevent the SAT order from creating a precedent where promoters of listed businesses convert loans into shares without triggering an open offer.
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