HYDERABAD, 22 June — The Securities and Exchange Board of India (SEBI) yesterday rejected the contentions of the petitioners in the VST open offers case that there were any violations of the regulations by the regulator.
The SEBI also contended that there was no necessity for an inquiry into the allegations against Bright Star Investments and Russel Credit which made the open offers for acquisition of shares in the city-based VST Industries Limited.
Yesterday, counsels for SEBI and New Delhi made their submissions before Justice A. Gopala Reddy in the Andhra Pradesh High Court. The hearings remained inconclusive and would be resumed today.
SEBI counsel Rama Rao contended that there were no violations of the regulations in the instant case. (S.A. Jafri)
