New Delhi, Oct 17: The Supreme Court today issued notices to Chhabria Group Chairman Kishore Rajaram Chhabria and UB Group Chairman Vijay Mallya on two petitions by Sebi challenging a securities appellate tribunal order on the controversy over shares of liquor company Herbertsons Ltd.
A bench comprising Chief Justice V N Khare and Justice S B Sinha asked both Chhabrias and Mallaya to file their response to the two petitions filed by Securities and Exchange Board of India challenging the decision of Sat.

The court, while granting them a week's time to respond, posted the matter for further hearing on November three.

There was heated exchange of arguments between UB Group counsel Fali S Nariman and Chhabrias' counsel Kapil Sibal when the former sought a stay on tendering of the shares by shareholders pursuant to the public offer made by both the rivals.
Sibal contended that there was no question of tendering of the shares as it was a competitive bidding where the shareholders would benefit from the rival's intention to buy the shares.

Bureau Report