Sebi, which has fixed February 21 for hearing the jute baron, had to defer hearing on the high court's intervention. HC has stayed the hearing by the regulator till March 2, as it was set February 28 for hearing Mr Bajoria's plea.

Mr Bajoria sought quashing of the showcause notice issued to him in November 2000 by the Sebi, citing violation of the takeover code by failing to inform Bombay Dyeing after he he acquired more than the mandatory 5 per cent of shares in the target company. Mr Bajoria has been claiming that he had informed the company by a letter sent "under certificate of posting", while the Bombay Dyeing management has contradicted the claim.