BSL Ltd has failed to obtain a stay order from the Rajasthan High Court on Thursday on the offer made by the Sardas to pick up 30 per cent equity and management control from the Jhunjhunwala-Churiwal combine.
The Jodhpur bench, which heard the writ petition filed by the promoters challenging the Securities and Exchange Board of India (Sebi) approval to the Sarda offer, today fixed the next date of hearing of the case on December 12.
As the Sarda bid is scheduled to close on December 6, six days before the next hearing, the high court order, if any, will be binding on the offer. BSL chairman and managing director Arun Kumar Churiwal refused to comment.
Officials of Kolmak Chemicals also declined to speak on the plea that the matter was sub judice. The promoters moved Rajasthan High Court last week alleging violation of Sebi norms on 33 issues by the open offer. They had earlier sought Sebi