According to the August 1 order of SAT, the tribunal had recognised the 43 per cent stake held by Kishore Chhabria in Herbertsons, which, Sebi said, in its order on February 19, 2002, was acquired in violation of the takeover norms laid down by it.
Sebi officials, confirming the case, said it has appointed Bhargava Desai as its counsel in the case. They, however, refused to give any details. The officials added that Sebi stands by whatever has been submitted to the Supreme Court.
In its counter affidavit to the Supreme Court when it was summoned in the Herbertsons case, Sebi had said:
