What happens after the EGM pertaining to sale of stake to Carlyle in the PNB Housing case?

The Securities Appellate Tribunal, or SAT, has permitted PNB Housing to go ahead and conduct its scheduled EGM on Tuesday the 22 June. PNB Housing can go ahead with its voting exercise on the Rs.4,000 crore capital infusion by Carlyle. However, the SAT has also instructed the company and NSDL, not to disclose the me of the vote until further directions from the SAT. The results will have to be kept under wraps for now.

The legal matter comes up for hearing on 05 July when SAT will announce its decision on the report of a registered valuer was required. The takeover of PNB Housing by Carlyle via preferential offer became controversial after proxy firm SES raised objections on the grounds of interests of minority shareholders. It could eventually end up sweetening the offer.