Independent directors allowed to negotiate with proposed investors despite securities market restraint, with material to be placed on record

Independent directors were permitted to negotiate with proposed investors and place the material on record for further consideration despite an existing restraint on access to the securities market. The tribunal allowed this limited course so the proposed investment material could be examined before any further decision, and directed the matter to be listed on the next date.

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Issues: Whether the independent directors of the company may be permitted to negotiate with proposed investors and place the material on record for further consideration, in the context of the existing restraint on access to the securities market.

Outcome: Permission was granted to the independent directors to negotiate with the proposed investors and to place the material on record for further consideration; the matter was directed to be listed on the next date.

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