SAT rejects UB’s plea on Herbertsons

“In the light of the facts of the case the applicants cannot be considered as persons aggrieved as a result of the order passed by the Tribunal and also that the Tribunal’s order is not against the applicants, I am of the view that the applicants are not entitled to apply for review of this Tribunals order dated August 1, 2003. Since the applicants are found not entitled to apply for the review of the Tribunal’s order no further enquiry by the Tribunal on the adequacy or otherwise of the grounds adduced is considered necessary.”

When contacted UB Group spokesperson declined to comment on the SAT’s order. However, he said: “We have already approached Supreme Court for justice.”

UB Holdings and Mallya has already moved the Supreme Court to stall the open offer for 20 per cent stake in Herbertsons Ltd by Kishore Chhabria.

In a Special Leave Petition which was mentioned on August 29, 2003, UB has asked for a stay on the open offer directed by SAT and challenged the findings of the SAT order. The subject Civil Appeal was mentioned before Justice Rajendra Babu and Justice G.P. Mathur in Supreme Court on Tuesday. The judges did not pass any order on UB (Holdings) Ltd, and fixed the date of hearing on September 8, 2003. The open offer has been made by Kishore Chhabria, along with Madanlal D Chhabria, to the shareholders of Herbertsons to acquire upto 20 per cent of the paid up share capital of the company at a price of Rs 90.50 per equity share.