Grasim Hopes For Positive Sebi Report

Mumbai, November 28: | Updated: Nov 29 2002, 05:30am hrs
Grasim Industries, which is now chalking out its future course of action after detailed consideration of the SAT order by its legal advisors, is confident that the result of the Sebi probe will be in its favour.

In a late evening press release on Thursday, the AV Birla group said, Grasim is now considering its future course of action after detailed consideration of the order. As per the legal advise received, Grasim is confident that the result of the probe should be in favour of Grasim.

Grasim counsel Goolam Vahanwati said the appeal has not been disposed of, only the first round has gone to Sebi. Grasim has the option to go to the Supreme Court, he said. However, a decision on this is yet to be taken.

SAT has declined to grant an interim relief to the November 8 Sebi staying its open offer for 20 per cent L&T stake.