Questions raised on Rs 4000 crore deal
Proxy advisory firm Stakeholders Empowerment Services (SES) questioned the deal, saying that the interests of investors of Punjab National Bank and Punjab National Bank Housing Finance Company have been ignored in this deal.
New Delhi. Earlier a proxy advisory company raised questions on the Rs 4000 crore deal between PNB Housing Finance Limited and Carlyle Group and now the news is that this deal is being done by the Securities and Exchange Board of India. That is, it has also come in the eyes of SEBI.
A source privy to the matter on the condition of anonymity said, “The finance ministry is also keeping an eye on the deal.” In this deal, the interests of investors of Punjab National Bank and Punjab National Bank Housing Finance Company have been ignored. The advisory firm says that the value of this deal has been kept low by PNB. According to the SES, Punjab National Bank has given an unreasonable price Carlyle for its stake in PNB Housing Finance Company.SES believes that this deal has not been done in accordance with the provision of AoA of the company.This deal has been done under Ultra Vires.
AoA Violated Proposed Resolution!
The valuation fixed as per the registered value of the company or the value fixed by the market regulator SEBI, whichever is higher, should be the minimum issue price. However, the company has given a disclosure that the pricing of the shares is as per SEBI ICDR. However, it is nowhere mentioned that the share price has been taken from the valuer or the valuation report. Therefore, it is believed that AoA has violated the proposed resolution.PNB is not giving up its control over its company PNB HF
SES has also questioned the fact that the company’s board of directors did not have the authority to appoint Chandrasekaran Ramakrishnan and Nilesh S Vikamsey as independent directors for a second term. PNB is not giving up its control over its company PNB HF. Even if the bank’s stake in the company falls below 26 per cent, it will have the right to appoint two directors on the board of PNB HFC. The company’s AoA is making necessary amendments in this matter.