Sebi reserves order on Jet-Etihad deal

Sebi had earlier given its approval but it took a relook at the entire Jet-Etihad deal based on fair trade watchdog CCI's observation.

The Securities and Exchange Board of India (Sebi) has reserved its order on the Jet -Etihad deal with respect to takeover rules and is likely to pass the final order in a few days, sources told CNBC-TV18's Aastha Maheshwari, after the just-concluded Sebi-Etihad meet.

Etihad lawyers were present before the whole-time member Rajeev Agarwal.

Also Read: Sebi to further probe Jet-Etihad deal

Sebi had earlier given its approval but it took a relook at the entire Jet-Etihad deal based on fair trade watchdog CCI's observation.

The Competition Commission of India (CCI) pointed that the acquisition not only resulted in Etihad's joint control over Jet, but it also meant Etihad's control over Jet's assets and operations.

Here the word 'control' became the point of contention and a concern for Sebi, which transpired into this meeting.

However, in the meeting, Etihad lawyers have raised objection to the meaning of the word what Sebi has interpreted.

They said the definition of the word 'control' is different in the Competition Act from that under the Takeover Regulations.

Nevertheless, the meeting is very crucial for Jet and an order, expected soon, is also extremely important for the airline. 

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