MUMBAI: PNB Housing has informed the stock exchanges that markets regulator Sebi has approached the Supreme Court against a split order by the Securities Appellate Tribunal (SAT).
Sebi is pushing the housing finance firm to relook at a deal to sell a Rs 4,000-crore stake to private equity investors led by Carlyle on the grounds that valuation norms have not been followed.
“It has been brought to our notice that Sebi has filed an appeal (no. CA5052 of 2021) to the Supreme Court of India against the order of SAT. The company is examining the appeal filed by Sebi,” PNB Housing Finance said in a notice to the stock exchanges.
On August 9, SAT delivered a split verdict over PNB Housing’s share allocation to Carlyle Group. This followed an interim order where SAT had restricted PNB Housing from disclosing the results of shareholder votes on the deal.
Sebi had asked the housing finance companies to call off the voting. However, following an appeal by the company, SAT allowed the general body to vote on the proposal.
Interference by the apex court in the matter at this stage may not be necessary as the high court has already taken it up on the judicial side, the bench said.
NBCC Ltd on Tuesday said that banks have shown interest in providing funds to complete the stalled projects of defunct Amrapali group. On July 23, 2019, the Supreme Court ordered cancellation of the registration of Amrapali Group under real estate law RERA. The court had directed NBCC to complete the stalled projects of the group.
In a statement, NBCC said that the monitoring committee appointed by the Supreme Court convened a meeting on Monday with nationalised and private banks to discuss the financing for Amrapali Projects. NBCC’s Executive Director was present in the meeting.
“Post MoU signing of Ld Court Receiver with SBICAP Ventures Ltd for funding 6 Amrapali Projects at Noida and Greater Noida last week, other reputed banks have shown interest in funding the stalled Amrapali Projects,” NBCC said in a statement.
More than 42,000 homebuyers, who have been waiting for possession of their dream homes, will be benefited by this progressive initiative, it added.
Currently, the NBCC is facing execution hurdles due to slow inflow of cash which is expected to get sorted soon.
“All the credit of these initiatives taken for completing the works of erstwhile Amrapali group projects goes to the Supreme Court of India, appointed Committee members and the team of NBCC collectively working to end the long wait of the suffered homebuyers,” the statement said.
Last week, NBCC informed that the SBICAP Ventures Ltd has agreed to provide Rs 650 crore for completing six stranded projects of erstwhile Amrapali Group in Uttar Pradesh.
SBICAP Ventures Ltd has signed a Memorandum of Understanding (MoU) with the Court Receiver for providing Rs 650 crore for the six stalled projects. The MoU will pave the way for completion of flats of 6,947 home buyers.
The six projects are — Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden across Delhi-NCR.
SBICAP Ventures Ltd manages the central government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund that is to be utilised for completion of stalled real estate projects.
In July 2019, the Supreme Court mandated NBCC to complete various stalled real estate projects in Noida and Greater Noida in Uttar Pradesh. These projects are currently under the Receiver appointed by the apex court. PTI MJH RAM MJH DRR DRR