Supreme Court dismisses Sebi's appeal in PNB Housing Finance case

PNB Housing Finance had fixed the preference issue price at Rs 390 apiece, much lower than the stock price prevailing at that time

The Supreme Court on Wednesday dismissed as infructuous the appeal filed by capital markets regulator SEBI against the Securities Appellate Tribunal's order in a matter related to the PNB Housing Finance Ltd's Rs 4,000 crore equity capital raise plan.

A bench headed by Justice L Nageswara Rao was informed by the counsel for the PNB Housing Finance Ltd that it has decided not to proceed with the issue and moved an application before the appellate tribunal to withdraw the appeal.

"Counsel for the respondent submits that an application has been moved before the appellate tribunal to withdraw the appeal. In view of