specified, and the fee which may be determined, by regulations, disclosing the details of the proposed combination, [after any of the following, but before consummation ... Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 made under the Securities and Exchange Board of India
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("the Takeover Regulations"), and for a consequential direction ... issued in violation of the provisions of the SEBI Act and Takeover Regulations. The said announcement and proposed acquisition of shares by respondents
Tech Limited (SRMTL) under the SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover
Code/Takeover Regulation) has been rejected.
Facts :
2. On 22nd ... Regulation 3(1) (1) read with Regulation 4(2)
of the Takeover Regulations or withdrawal of offer under
Regulation 27 , on the basis
Companies. From 4th November, 1994, SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1994 (for short 'SEBI Takeover Regulations, 1994') were in force ... from 51% to 74%. The SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (for short SEBI Takeovers Regulations, 1997) are in force, from February
intention changed to a takeover of INDAL.
7. Accordingly, in terms of Regulation 25(4) of the Takeover Regulations, the Petitioners made a public announcement ... other in the Takeover Regulations with which we are concerned. The relevant regulations which require our consideration are Regulations
SEBI Act, 1992 and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and sought investigation by SEBI. The said petition was then dismissed ... which the 1997 Regulations have been drafted, had clearly stated that the Regulations for substantial acquisition of shares and takeovers should operate principally to ensure
Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 (hereinafter referred to as the 'Takeover
Regulations).
2. The facts ... thus triggering Regulation 10 of
the Takeover Regulations. In terms of Regulations 10 and 12
of the Takeover Regulations an open offer was made
Regulation 11 of the
SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 (hereinafter referred to as the “Takeover
Regulations”).
4. On 20th October ... interpreting the provisions contained in Regulation 27 of the
Takeover Regulations. The regulations in Takeover Code have to
be interpreted by correlating these regulations
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. (9) When a shareholder or the majority equity shareholder fails
Takeovers) Regulations, 1997;3 the power and
exercise of the power by the Board under Regulations 44 read with
45 of the Takeover Regulations ... namely Sunil Krishna Khaitan, M/s.
3 Hereinafter referred to as ‘Takeover Regulations 1997’.
4 For short, the ‘Act’.
5 For short, ‘KEL’.
Civil Appeal
