Securities Appellate Tribunal (SAT) has asked capital markets regulator Sebi to expedite the matter related to the delisting case of AstraZeneca Pharma India.
Suspecting violation of norms to check fraudulent practices, the Securities and Exchange Board of India (Sebi) is investigating the proposed delisting of Indian unit of global pharma giant AstraZeneca.
The Bombay High Court has also stayed the proposed delisting of AstraZeneca Pharma India after certain minority shareholders moved the court against the plan following an investigation by the market regulator.
While Sebi is still continuing its probe into the matter and had earlier submitted to SAT that it would complete the investigation in six months, SAT today asked the regulator to expedite the case once the probe is completed.
Last year, Sebi had asked "BSE and NSE to closely monitor the entire delisting process and allow the final delisting of the company's shares only after satisfying themselves that the process has been fair and transparent."
The two stock exchanges had also been asked to promptly report any aberrations noticed in the delisting process. The promoters of the company would be able to finally purchase the shares from public shareholders only after seeking approval from the BSE and NSE.
