The Securities Appellate Tribunal (SAT) said that it will now hear  an appeal filed by shareholder, Deepak Mehra against SEBI’s approval to non-requirement of an open offer by MTN to Bharti’s shareholders.

SEBI had earlier said that open offer will be required only upon conversion of the GDRs into equity share with voting rights.

Mehra is seeking to overturn the SEBI order on the open offer on the ground that underlying shares carry voting rights.