Instead, Sivasankaran has sought certain technical clarifications from Sebi and the regulator is yet to get back with its comments on the same. "We have received certain clarifications from Sivasankaran and are currently studying these", is all a Sebi official could say in this regard.

The Sterling offer is to be made at a price of Rs 95 per share and the Bharti Telecom share is currently trading at Rs 87.50. In the meantime, the 9 per cent sale of his shares in Bharti Telecom to Bharti Enterprises and Bharti Global, is also stalled as the appellate authority has directed that the sale should not go through till the open offer has been made. It was earlier expected that Sivasankaran wouldchallenge the appellate authority's verdict in a court but this has not happened so far. Neither has he made the open offer. In his letter to Sebi, he has raised certain technical points pertaining to the escrow account that he would need to open for the offer etc.

Sebi on the other hand is yet to get back to Sivasankaran. Sources said that an option being considered by Sivasankaran, who is no longer interested in picking up a stake in Bharti Telecom, could be to reach an understanding with Bharti Enterprises to let a mutually acceptable investor pick up the stake in the venture by joining the open offer in a capacity of a person acting in concert.

This could, however, not be confirmed but the fact that Sivasankaran has not gone in appeal against the order is an indication that some sort of an agreement is being discussed.

Sebi had on May 18 directed Sivasankaran-controlled Sterling Horticulture to make an open offer to shareholders of Bharti Telecom at Rs 95 per share within 15 days. Sterling appealedagainst this order and in the first week of July the appellate authority upheld the Sebi order and asked Sterling to make the open offer. Sterling had in 1996, picked up a 9 per cent stake in Bharti Telecom and subsequently made a public offer for picking up another 20 per cent stake at Rs 95 per share.

The company, however, backed out of this offer. Subsequently, Sterling sold off its stake to Bharti Enterprises and Bharti Global. After this "sale agreement", the two Bharti group companies made an open offer at the same price of Rs 95 per share. The offer which closed on June 16 this year, has pushed up the Bharti group stake in Bharti Telecom to 89 per cent. This includes the 9 per cent bought from Sterling which will only be transferred to Bharti once Sterling completes its open offer.