The Supreme Court today set aside the Orissa High Court order asking the Securities and Exchange Board of India (Sebi) to investigate if the Neeraj Singhal-led Bhushan group had violated takeover norms while buying a stake in Orissa Sponge Iron & Steel Ltd (OSIL).
Instead, it asked the regulator to look into the allegations and decide the issue by Wednesday itself, if the petitioner applied for this today.
A bench headed by Justice SH Kapadia, while disposing of a petition filed by the Bhushan group companies BBN Transportation (P) Ltd and Bhushan Energy, said: “In our view, the High Court should not have entertained the writ petition in this case.”
“However, to put an end to the controversy, we are directing Pruthwiraj Pattnaik, respondent No 1 (shareholder in Orissa Sponge), to move Sebi for interim relief in the course of today. If such an application is made in the course of the day, Sebi will decide the matter on or before April 15, 2009 (inclusive),” the bench stated in its order.
