Leading Japanese drug-maker Daiichi Sankyo has challenged the the Securities Appellate Tribunal (SAT) judgement

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that asked it to make an open offer to shareholders of Zenotech Labs at Rs 160 per share.

Daiichi Sankyo is to make an open offer to Zenotech's shareholders to acquire 20 per cent additional stake in the Hyderabad-based firm.

A Bench headed by Justice S H Kapadia while posting the matter for final hearing on December 2 asked the parties to maintain status quo after senior counsel Mukul Rohtagi, appearing for Daiichi, submitted that the company was willing to give an undertaking stating that it would pay differential amount with interest within two weeks in case it loses.

However, the Bench said the rate would be "fixed by this court at the time of final hearing and, at that time, in case the petitioner (Daiichi) loses, it will pay full differential amount with interest in terms of the undertaking."

The court also issued notices to Zenotech Managing Director Jayaram Chigurupati and other shareholder who had moved the tribunal against market regulator Sebi's nod to Daiichi for an offer price of Rs 113 per share.

Challenging the tribunal's judgement that dismissed a Sebi move that allowed Daiichi to go for the offer at Rs 113 a share, the Japanese pharma giant said the impugned order was contrary to the language and intent of the (Substantial Acquisition of Shares and Takeover) Regulations, 1997 and was entirely unsustainable in law.

Besides, it imposes a tremendous financial burden upon the Japanese drug major, the petition stated.