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(a) make a public announcement in the same newspapers in which the public announcement of offer was published, indicating reasons for withdrawal of the offer;
(b) simultaneously with the issue of such public announcement, inform-(i) the Board, (ii) all the stock exchanges on which the shares of the company are listed;

and (iii) the target company at its registered office."

16. A perusal of the above Regulation clearly reveals that a public offer once made shall not be withdrawn except under certain eventualities mentioned in sub-regulations (b), (c) and (d) of Regulation 27(1). Regulation 27(1) (b) lays down that if statutory approval has been refused, the offer can be withdrawn. It is pertinent to point out in this regard that Regulation 6(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, hereinafter referred to as "ICDR Regulations" deals with the time period within which the Respondent should deliver its comments on a draft offer document submitted to it by an issuer of securities. For the sake of convenience Regulation 6(2) of the ICDR Regulations is reproduced hereinbelow:-

"6(2) The Board may specify changes or issue observations, if any, on the draft offer document within thirty days from the later of the following dates:
(a) the date of receipt of the draft offer document under sub- regulation (1); or
(b) the date of receipt of satisfactory reply from the lead merchant bankers, where the Board has sought any clarification or additional information from them; or
(c) the date of receipt of clarification or information from any regulator or agency, where the Board has sought any clarification or information from such regulator or agency; or