In a statement issued here on Friday, Raju said that a single-judge bench of the Delhi high court had--in a order pronounced on Thursday--refused to grant a stay on the public offer made by him, Kalahastheeswara Finance and others to acquire shares of Sri Vishnu Cement.

The court has refused to interfere with the orders of the appellate authority constituted under the Securities & Exchange Board of India (Sebi) Act, 1992, he said.

A Raasi Cement shareholder MZ Khan, had approached the high court to obtain a stay on Raju's public offer to the shareholders of Sri Vishnu Cement. Khan had been unsuccessful in his earlier attempts with Sebi and the appellate authority.

After the judgment, Sri Vishnu Cement shareholders who have deposited their holding in favour of the public offer will receive the sale proceeds as the court has cleared all obstacles by approving the view point of Sebi and the appellate Authority, sources close to the Raju family said.

Managers to the public offer Lazard Credit Capital has initiated the process of dispatching the demand drafts to the shareholders, the sources said.

Meanwhile, the city civil court has again adjourned the civil suit filed by the new Raasi Cement management (ICL group) disputing the title of 40 per cent stake in Sri Vishnu Cement which was transferred from Raasi Cement to BV Raju and associates before India Cements took over the Raasi management. The new management has claimed in their petition that the shares genuinly belongs to Raasi Cement and vowed to safeguard the interest of its shareholders.