Supreme Court · 2016 INSC 1089 · Decided 2 December 2016
Securities & Exchange Board of India v. Burren Energy India LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 2016 INSC 1089 · [2016] 8 S.C.R. 101
- Case number
- CIVIL APPEAL No. 361/2007
- Decided
- 2 December 2016
- Bench
- RANJAN GOGOI, N.V. RAMANA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - Regns. 22(7), 2(1)([) - Acquisition of 26.01% of the share capital in the target company on the date of Share Purchase Agreement by the acquirer - On the same date appointment of directors company by the acquirer company and the company acting in concert - SEEi held that this amounted to violation of Regn. 22(7) since the appointment was made during the offer period-date of execution of share purchase agreement - Tribunal held them not liable for violating Regn. 22(7) - On appeal,
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