The Securities and Exchange Board of India (Sebi) today moved the Bombay High Court seeking either a stay on the buyback scheme of Sterlite Industries or at least an extension of the scheme. The petition will come up before the court on Thursday, one day before the buyback scheme is scheduled to end.
This is the first instance where the capital market regulator is moving court in an attempt to stop a corporate action.
Sebi chairman G N Bajpai told mediapersons on the sidelines of an Association of Mutual Funds (Amfi) conference that