Centre gets more time on Sesa Goa

The Supreme Court on Monday gave three more weeks to the Central government, Bombay Stock Exchange, market regulator Sebi and Sesa Goa Ltd on a petition challenging the acquisition of controlling stake in the iron ore mining firm. A bench headed by Justice B.N. Agarawal also gave more time to Mitsui and its UK-based subsidiary Finsider International Company to file replies. The plea was filed by Harinarayan G. Bajaj, who had contended that Mitsui’s acquisition of Finsider, which held 51 per cent stake in Sesa Goa, in October 1996 violated Sebi norms.
Mr Bajaj had filed the petition in April this year, days after London-listed Vedanta Resources Plc acquired 51 per cent stake in Sesa Goa from Mitsui for 980 million dollars. Mitsui counsel Ruchi Narula on Monday infor-med the court that the Bombay High Court had reserved its judgement on Mr Bajaj’s petition. Mr Bajaj claims to be one of the largest shareholders of Sesa Goa in the 1990s. In his petition, he had sought a direction to Mitsui to furnish adequate security of Rs 334 crores for meeting claims of the shareholders of Sesa Goa. However, Mr Bajaj’s proxy counsel sought more time, saying he had no instructions on the matter.