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SAT directs Sebi to check violation of public holding norm

By Religare
SAT directs Sebi to check violation of public holding norm
The Securities Appellate Tribunal (SAT) on Wednesday directed market regulator Sebi to check whether certain companies had violated the minimum public shareholding norms.

While hearing a case between Gillette India and Sebi, the tribunal said the securities market regulator shouldn't just contemplate action against such companies, but also think of ways to address the issue.

Gillette India had filed a petition in SAT accusing Sebi for rejecting its three-step plan to meet the 25 per cent public shareholding requirement. It had said the regulator was discriminating as seemed to have no problem with a few other companies that had reclassified promoters as non-promoters, to meet the public holding norm.

After hearing the arguments of Gillette's and Sebi's counsels, SAT member Jog Singh decided to reserve the tribunal's judgment.

At present, promoter holding in Gillette India stands at 88.76 per cent, of which Procter & Gamble (P&G) owns 76 per cent; the rest is held by the Poddar Group, its Indian promoter.

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