"The hearing of Mr Bajoria has been adjourned to the new date in the light of the intervention of the Kolkata High Court. The hearing of the notice has been stayed till March 2, so, Sebi has fixed the new date in line with the court order," Sebi sources told The Financial Express here. The high court fixed February 28 as the next date for its hearing of the case, so it has stayed the hearing by Sebi till March 2, the sources added.

According to sources, Mr Bajoria has appealed to the HC for quashing the show-cause notice issued by Sebi, which cited violation of the takeover code regulations pertaining to disclosure of his crossing the 5 per cent acquisition level in Bombay Dyeing a few months back.

Sebi has issued the notice in November 2000 after conducting investigations into the case. Mr Bajoria has claimed that he had informed Bombay Dyeing by a letter "under certificate of posting," while the company management has contradicted the claim by stating that they have not got any such intimation.

Mr Bajoria, who had been asking for more time for appearing before the Sebi for hearing for at least three occasions since November 2000, seems to have decided to take the regulator and the Bombay dying management led by Nusli Wadia head-on.

The controversy also resulted in the regulator recently making it mandatory for the acquirers to inform the stock exchanges where the stock is listed immediately after crossing three levels - five, 10 and 14 per cent.