This is to kindly inform you that the Securities Appellate Tribunal (SAT) has issued its order in the appeal filed by the Company against the SEBIs order dated 23rd October, 2013. The SAT in its order has dismissed the appeal of the Company and upheld the aforesaid order of the SEBI.
The Company is exploring the suitable course of action in consultation with the lawyers against the aforesaid order of SAT, this inter-alia includes, filing an appeal to the Supreme Court of India against the said order.
Copy of the Order, (as extracted from the website of SAT), is enclosed for your reference and records.
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