Securities and Exchange Board of India will complete its investigation into Grasim's alleged hike in stake in Larsen and Toubro within a few weeks.

"They (investigation team) will submit the report in few weeks," Sebi chairman G N Bajpai said, but declined to give any details.

"Let them come out with a report, then we will apply our mind and I have given them a timeframe," he said.

Grasim bought 10.05 per cent stake in Larsen & Toubro from Reliance in November 2001 at Rs 306 per share and subsequently increased its stake to a little over 14 per cent in tranches.

Sebi investigation of Grasim centres around the issue of whether Grasim has acquired control of L&T.

The probe was ordered despite Grasim's claim that it would not seek any change in the management control.

The AV Birla group company has only two members --  Kumaramangalam Birla and Rajashree Birla -- in the L&T board, which has a strength of 18 members.

Sebi last month asked Grasim not to go ahead with its open offer to mop up additional shares of L&T at a price of Rs 190 a share, before it completes its investigations.

L&T's demerger plan for its cement division was put on hold after Sebi began its probe.

Although the company moved the Securities Appellate Tribunal asking for interim relief, the tribunal upheld Sebi advice to Grasim Industries Ltd to stop the open offer for acquiring additional 20 per cent stake in L&T.

Sebi was examining the possibility of directing Grasim to divest its stake in excess of 15 per cent in L&T, which was bought after the announcement of open offer but it is unlikely to do so before the investigation was over.

Grasim was also asked not to go for creeping acquisition route to acquire additional shares of L&T.