Mumbai: The Securities Appellate Tribunal (SAT) on November 28 upheld Securities Exchange Board of India's (SEBI) advice to Grasim Industries Ltd to stop the open offer for acquiring additional 20 per cent stake in Larsen & Toubro (L&T).

"The tribunal is not inclined to grant an interim relief in this case," SAT said in its order in Mumbai.

Grasim had moved the tribunal against SEBI, which had asked it not to proceed with its open offer for L&T.

During the hearing on November 27, the market regulator had stated that it may debar Grasim from accessing capital markets "if found guilty of breaching its takeover regulations".

PTI