PNB Housing to SAT: Sebi can't compel us as AoA is just a contract

It argued that AoA cannot override the Sebi's ICDR (Issue of Capital and Disclosure Requirements) regulations, which listed firms have to follow for issuing preferential allotments

PNB Housing Finance told the Securities and Appellate Tribunal (SAT) on Monday that the market regulator cannot compel it to follow the Articles of Association (AoA) as it is just a contract. 

It argued that AoA cannot override the Securities and Exchange Board of India's ICDR (Issue of Capital and Disclosure Requirements) regulations, which listed firms have to follow for issuing preferential allotments.

The company law does not require engaging the services of registered valuers when a listed company is making a preferential issue, PNB Housing Finance told the tribunal. The company added that other listed firms with AoAs similar to its