The Securities and Exchange Board of India (Sebi) has moved the Supreme Court (SC) against a ruling by the Securities and Appellate Tribunal (SAT) in a matter pertaining to change of control at New Delhi Television (NDTV), said people in the know.
In an order dated July 20, SAT had dismissed Sebi’s argument that Vishwapradan— an entity associated with the Reliance group from whom NDTV promoters took a loan— exercised control over NDTV by subscribing to the debentures.
Sources said Sebi’s appeal before the SC is in order to ensure that the SAT order doesn’t set a precedent where promoters of listed companies convert loans into shares without triggering an open offer.
Source: Business-Standard