Bizbits

The appellate authority verdict was pronounced on July 14. Recently, HLL went in appeal against the appellate authority verdict, challenging those parts of the order which had gone against the company8217;s contentions. At the hearing on Wednesday, Sebi senior counsel Rafiq Dada contended that the petition is not maintainable as this is a case of a favourable order being challenged. This would amount to writs being filed on any small point in an order which would go against a party even though the final order would be in its favour, it contended. The division bench comprising acting chief justice A Agarwal and justiceSS Parkar admitted the petition but took note of the Sebi counsel8217;s argument by observing that admission of the petition should not be perceived as a prima facie view of the court on the maintainability of the petition. The bench also admitted UTI8217;s plea challenging the appellate authority verdict which had rejected its claim of compensation from HLL. Both these petitions would come up along with the Sebi plea against the appellate authority order.

Divestment in five PSUs cleared

NEW DELHI: The union cabinet has cleared disinvestment in five entities 8212; Engineers India Ltd EIL, Indian Petrochemicals Ltd IPCL, Hindustan Teleprinters Ltd HTL, Ranchi Ashok Bihar Hotel Corporation and Utkal Ashok Hotel Corporation.The cabinet has decided that no further disinvestment should be done in the Steel Authority of India Ltd for the time being.In IPCL it has been decided to offload 25 per cent equiity to a strategic buyer along with transfer of management control.The cabinet has decided thatdisinvestment should be done two Indian Tourism Development Corporation owned properties.