Tribunal allows Sasken to proceed with buyback

MUMBAI, Sept 5 (Reuters) - Telecoms software services firm Sasken Communication Technologies Ltd (SKCT.BO: Quote, Profile, Research) said on Friday the Securities Appellate Tribunal has allowed it to proceed with the buyback of shares.

The tribunal also stayed the conditions imposed by markets regulator Securities and Exchange Board of India (Sebi) to place orders on a daily or weekly basis.

The final date for the hearing has been fixed on September 16, it added.

Sasken had announced a share buyback via a public announcement in April this year, and on May 2 postponed it, pending approval from Sebi, which had imposed certain conditions and directives in the implementation of the buyback.

The software firm then filed an appeal before the tribunal on August 26, saying it should be allowed to proceed with the buyback with the same conditions as set out in its original announcement.

The company's board had approved the buyback at a maximum of 260 rupees a share and spending up to 400 million rupees on the exercise.

Shares in Sasken closed up marginally at 142.30 rupees in a weak Mumbai market. (Reporting by Janaki Krishnan; editing by Sunil Nair)