MUMBAI, Sept 20: The finance ministry's appellate authority has granted a hearing on September 24 on an appeal questioning Sebi's decision to allow a group of persons acting in concert to float an open offer when it is being investigated for contravention of the takeover code. The authority granted the hearing following an appeal made by a Hyderabad-based Raasi shareholder, M Z Khan on September 14. He has pointed out that a particular group of persons, acting in concert, were allowed by Sebi on September 4 to proceed with their public offer to acquire 20 per cent equity stake in Sri Vishnu Cements despite having itself initiated investigations. on wether was in contravention of the takeover code.
