The Supreme Court today asked Swedish Match AB to deposit Rs 49 crore in a fixed deposit with ABN Amro Bank in Stockholm within a week and produce the receipt before the registrar of the court.
The order will be subject to the ultimate outcome of the appeal of the Swedish firm. The final hearing will be on July 15.
The order was made after the company undertook to pay the amount relating to its dispute with the Securities and Exchange Board of India (Sebi).
The company moved the apex court against the Sebi order asking Swedish Match to make a fresh offer after it had bought the shares of its partner in Indian match company, Wimco.
Sebi had asked the Swedish firm to make a fresh public offer to buy back the shares. According to the firm, it is not necessary as the offer had been made when the joint venture was in place.
The bench consisting of Justice Ruma Pal and Justice B N Srikrishna also stayed the Sebi order asking the company to make a public offer till the final court decision. It, however, added that, if the company defaulted in its undertaking, the stay shall stand vacated.
The judges arrived at the approximate figure of Rs 49 crore, including interest, applying the Sebi regulations in regard to making a public offer.
The shares were priced at Rs 36 crore at Rs 35 per share. The court recorded that Sebi had not admitted the accuracy of the calculation in the absence of instructions to Solicitor General Kirit Raval.
