Sebi's actions hurt minority shareholders: PNB Housing tells SAT

The counsel argued that blaming the board of directors was unfair as preferential allotment price was not final and had to be approved by a special resolution

PNB Housing Finance (PHF) needed capital infusion and was trying to bring in an outside shareholder but the Securities and Exchange Board of India's (Sebi's) actions has deprived it of that and hurt the interests of minority shareholders, the company's counsel told Securities Appellate Tribunal (SAT) in its closing remarks on Monday.

The tribunal has reserved its judgement in the matter.

The counsel argued that blaming the board of directors was unfair as the preferential allotment price was not final and had to be approved by a special resolution.

Sebi had ignored rule 13(1) of the Companies (Share Capital and