a decision of the Kerala High Court in Securities
and Exchange Board of India v. Kunnamkulam Paper Mills Ltd, where it was
held that in certain circumstances a rights offering by an unlisted company may
amount to a public offering thereby conferring jurisdiction on SEBI.
preferred an appeal to the Supreme Court, which has issued notice, and ordered
that in the meantime the judgment of the High Court shall remain stayed. This
seems set to operate as a sequel to the Sahara case, although not as high