SAT rejects Gillette India appeal

Gillette India will have to comply with the minimum 25 per cent public shareholding norms, as the Securities Appellate Tribunal (SAT), on Wednesday, rejected an appeal by the company against Securities and Exchange Board of India’s decision in this regard.

Upholding SEBI’s decision to reject a plan that involved an earlier promoter entity of Gillette India being re-classified as a public shareholder, SAT also vacated an interim stay given to the company on May 30.