According to filings to the stock exchange, the promoters currently hold 88.76 percent of Gillette India. Senior advocate JJ Bhatt appearing for Sebi told the tribunal that the regulator has apprehensions in accepting Gillette's proposal as under the sought arrangement public will not have access to 25 percent holding.
At the early part of this week, SEBI came out with some new recommendations mostly to get the minimum shareholding norms into place. Brijesh Mehra of RBS says, the intent of SEBI is to facilitate faster execution.
On the third day of the court case today, the Bombay High Court observed that it cannot direct Sebi to give MCX permission for other segments. The maximum it can actually do is to set aside the Sebi order, reports Ashwin Mohan of CNBC-TV18.