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BS Correspondent

Nusli Wadia-controlled Bombay Dyeing and Manufacturing Company on Monday opposed the writ petition filed by Arun Kumar Bajoria in the Calcutta high court.

Bajoria had filed a petition challenging the validity of the notice issued by the Securities and Exchange Board of India (Sebi) requiring a testimony whether the jute baron's acquisition of shares in Wadia's textile company violated any Sebi regulations.

Counsel for the textile company Anindya Mitra contended: "It is surprising as to why Bajoria does not intend to avail the opportunity of Sebi hearing."

It was also argued by Mitra that the company had become aware that Bajoria and his associates have transferred a substantial number of the shares of Bombay Dyeing in violation of 1997 takeover code.

Sebi order is an 'appeal-able' order. Any person can appeal against the order in the Securities Appellate Tribunal, and the high court can be moved against the tribunal's verdict, the textile company counsel argued.

At this stage the high court has no jurisdiction to entertain Bajoria's petition, the counsel added.

It was argued by the Bombay Dyeing counsel that if the show cause notice is quashed, it will mean termination of the complaint filed by the textile company. This could bring to an end further investigation in the matter, which would cause irreparable prejudice to the textile company and its shareholders.

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