Preferential valuation

PNB Housing should have engaged an independent valuer

The uncertainty over the future of minority shareholders and infusion of capital into PNB Housing Finance (PNB Housing) will continue for some time. The Securities Appellate Tribunal (SAT) on Monday allowed the company to conduct the scheduled extraordinary general meeting on Tuesday, with the caveat that the company would not be able to disclose, till further orders, the outcome of the vote on the resolution related to the Rs 4,000-crore deal with investors led by private equity firm Carlyle. PNB Housing had approached the tribunal after the securities market regulator, Securities and Exchange Board of India (Sebi), asked it to