SAT upholds SEBI order; allows INR 400 crore preferential issue
CEREBRAINT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Securities Appellate Tribunal upheld SEBI's January 30 order against Cerebra, with limited relief. The company remains barred from accessing the securities market, except for a proposed INR 400 crore preferential share issue to Dr Shailesh Hiranandani and his UK group, locked in for 18 months. It may also borrow INR 50 crore after approvals and must pay the SEBI penalty within six weeks. Separate appeals by directors and the CFO continue.
Negative: the company's market-access restraint and penalty stand, while the preferential issue may dilute holders despite potential funding relief.