Securities Appellate Tribunal (SAT) has delivered a split verdict over PNB Housing Finance's Rs 40,000 crore ($5.4 billion) share allocation to a group of investors led by Carlyle Group, a judgement seen by Reuters showed.
"In view of the difference of opinion between the members of the board we direct the interim order to continue till further orders," the 56-page order read.
The PNB-Carlyle deal had been challenged by the Securities and Exchange Board of India (SEBI), which had asked the company to stall it until it undertook an independent valuation.
PNB Housing Finance challenged SEBI's orders in the SAT, questioning its authority to make such interventions.
SEBI questioned the deal after an institutional investment advisory firm said it was unfair to minority shareholders.