In a Special Leave Petition (SLP) which was mentioned on Friday, UB (Holdings) Ltd has asked for a stay on the open offer which was directed by the Securities Appellate Tribunal (SAT) and challenged the findings of the SAT order, sources said.
The subject Civil Appeal was mentioned before Justice Rajendra Babu and Justice GP Mathur in Supreme Court on Friday. The judges did not pass any order on UB (Holdings) Ltd, and fixed the date of hearing on September 8, 2003.
When contacted, UB spokesperson said, We had just approached Supreme Court for an early hearing of the matter and the court has fixed the hearing on September 8, 2003.
When contacted, Kishore Chhabria declined to comment on the issue.
FE had earlier reported that the UB group was likely to move Supreme Court, if SAT does not pass an order on the maintainability of the review petition filed by the group within a few days time, since the schedule for open offer is on.
The open offer has been made by Kishore Chhabria, along with Madanlal D Chhabria (MDC), to the shareholders of Herbertsons Ltd to acquire upto 20 per cent of the paid up share capital of the company at a price of Rs 90.50 per equity share. The offer, which opens on October 3, 2003, will close on November 1, 2003. Lazard India Ltd has been appointed as manager to the offer.
UB Group chairman had filed a review petition on the SAT order issued on August 1, 2003. No order was passed at the SAT hearing which took place on August 25, 2003.
In his petition in Securities Appellate Tribunal , Dr Mallya had sought a stay on the open offer made by Mr Chhabria and divestment of shares by way of offer for sale in the ratio of approximately 9 shares for every 10 shares held in Herbertsons on the rights basis to all shareholders other than Chhabria Group and Mallya Group.