SC defers SEBI appeal in PNB housing finance case

A bench, headed by Justice L Nageswara Rao, clarified that the interim order will continue in the meantime. The bench, which included Justice BR Gavai, took note of the fact that there is no third technical member at SAT to hear the case.

The Supreme Court on Thursday deferred by two weeks an appeal by the Securities and Exchange Board of India (Sebi) against the SAT order in the PNB Housing Finance case that relates to the housing finance company’s ₹4,000 crore equity capital raise plan.

The bench pointed out that the matter regarding vacancies in tribunals, including SAT, is going to be heard by the top court on Monday, (Sonu Mehta/HT PHOTO)

A bench, headed by Justice L Nageswara Rao, clarified that the interim order will continue in the meantime.

The bench, which included Justice BR Gavai, took note of the fact that there is no third technical member at SAT to hear the case.

It pointed out that the matter regarding vacancies in tribunals, including SAT, is going to be heard by the top court on Monday, by when the Union government is expected to make some appointments.

At this point, senior advocate Shyam Divan, representing the housing finance company, urged the bench to decide the questions of law owing to the commercial necessity.

The bench, however, replied: “How can we take a decision when it has to go to a third member? Besides, we are not sure about maintainability of this appeal (by Sebi) because it says stay the order of one member but does not challenge the other order by another member?”