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The Securities Appellate Tribunal (SAT) has asked SEBI and Vaswani Industries to come back on August 26 with the necessary format of the agreed terms. Earlier, both SEBI and Vaswani Industries gave their respective formula before SAT for resolving the dispute.
The company had moved the SAT against a SEBI directive to stock exchanges (on May 19) to withhold its listing following complaints of irregularities in subscription, especially huge withdrawals and rejections after IPO closure.
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