Ameet Patel, partner at Manohar Chowdhry & Associates, pointed out that non-residents are still unable to submit the required evidence, as it requires e-verification prior to uploading of documents. It is not mandatory for non-residents to have a digital signature certificate (DSC) in India, and their PAN and Aadhaar (if they have one) are not linked owing to absence of an Indian mobile number. Thus, they are unable to generate an electronic verficiation code (EVC). The only way forward is for the non-resident to give a power of attorney to a chartered accountant, but this cannot be done at the last minute. The Securities Appellate Tribunal (SAT) on Tuesday pulled up markets regulators Sebi for trying to prempt to outcome of the PNB Housing Finance shareholder's meeting on June 22. Questioning Sebi's decision to halt an extraordinary general meeting of PNB housing, the tribunal asked whether it was fair for the regulator to step in before the shareholders took a decision and if it though that they were "demmies". The tribunal was hearing an appeal by PNB Housing against Sebi's decision to stall a Rs 4,000-crore preferential allotment to private enquiry investors led by Carlyle. Sebi hadsaid that the process was not consistent with the company's articles of assoication and asked the firm to undertake a valuation exercise. The tribunal adjourned the hearing to Friday at the request of Sebi's advocate. Pointing out that the first question to be addressed was at what stage can Sebi step in, the tribunal said that the regulator could have passed an order after the EGM. Sebi's advocate argued that the allotment would result in a change in control and consequently an open offer. He said that the price of shares in the preferential issue wouldalso have a bearing on the open offer price and result in small investors being short-charged. Sebi's consel cited the letter written by PNB to its subsidiary, asking it to abide by the articles of association. It is understood that the company has also been approached by some other states for the large investment. But Maruti is keen to invest in Haryana, unless the local reservation issue plays a spoiler.
