The Securities Appellate Tribunal (SAT) today set-aside Sebis order against healthcare firm Fresenius Kabi Oncology and allowed the company to delist its shares without any conditions. Securities and Exchange Board of India (Sebi) had asked the company to take its pre-offer for sale shareholding into consideration for the purpose of delisting the shares from the stock exchanges.
However,the tribunal has allowed Sebi to go ahead with its probe into investor complaints against Fresenius Kabis regarding the companys Offer for Sale (OFS). If delisting is in the ordinary course of business,then there is no reason for imposing conditions, SAT said in its order today.
SAT noted that the delisting was sought for valid and genuine reasons and therefore Sebi was not justified in directing that the promoters shareholding prior to OFS,that is shareholding at 90 per cent instead of 81 per cent,should be taken into consideration for the purpose of delisting. …we allow the present appeal to the extent that the appellants (Fresenius Kabi Oncology) may go ahead with their delisting offer without the condition imposed by the respondent (Sebi)… SAT said.