the Securities Appellate Tribunal has granted a stay on Gillette's minimum public shareholding deadline.
Razors and shaving cream maker Gillette India has got a temporary relief from the Securities Appellate Tribunal (SAT) to meet minimum public shareholding guidelines.
The SAT has granted a stay on the company's minimum public shareholding deadline.
As per Sebi's minimum public shareholding norms, all private sector listed companies need to have at least 25 percent public shareholding and promoters have been asked to lower their stake to 75 percent or below by June, 2013.
The matter has now been adjurned till June 12.
Gillette had challenged Securities and Exchange Board of India's rejection of the proposal to comply with public shareholding norms.
Total promoter shareholding in Gillette currently is at 88.9 percent. While global fast moving consumer goods giant Procter & Gamble holds 76 percent, Indian partner Poddar Group has a 12.9 percent stake.
Gillette India shares were up 2 percent at Rs 2,150 on NSE in afternoon trade.