The Supreme Court on Friday issued notices to Chhabria group chairman Kishore Rajaram Chhabria and UB group chairman Vijay Mallya on two petitions files by the Securities and Exchange Board of India challenging a Securities Appellate Tribunal order on the controversy over shares of liquor company Herbertsons Ltd.

A Bench comprising Chief Justice V N Khare and Justice S B Sinha asked both Chhabria and Mallya to file their response to the two petitions filed by Sebi challenging the decision of SAT.

The court, while granting them a week's time to respond, posted the matter for further hearing on November 3.

There was heated exchange between UB group counsel Fali S Nariman and Chhabria's counsel Kapil Sibal when the former sought a stay on tendering of shares by shareholders pursuant to the public offer made by both the rivals.

Sibal contended that there was no question of tendering the shares as it was a competitive bidding where the shareholders would benefit from the rival's intention to buy the shares.

Earlier, the court had issued notice to Sebi on a petition filed by UB group challenging the SAT order asking Chhabria to make an open offer to shareholders of Herbertsons Ltd with October 27, 1994 as reference date to calculate offer price.