Supreme Court · 2014 INSC 340 · Decided 25 April 2014
Securities and Exchange Board of India v. M/S. Akshya Infrastructure PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2014 INSC 340 · [2014] 13 S.C.R. 402
- Case number
- CIVIL APPEAL No. 6041/2013
- Decided
- 25 April 2014
- Bench
- S.S. NIJJAR, A.K. SIKRI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
c SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997-Regn. 27 and 11- Whether an open offer voluntarily made through a Public Announcement for purchase of shares of the target company can be permitted to be withdrawn at a time when the voluntary D open offer to be performed - Held: Plain reading of Regn. 27(1) makes it clear that no public offer whether it is voluntary or triggered by Regn.11 can be withdrawn, unless it satisfies the circumstances set out in Regn.27(1)(b), (c) and (d)- Under Regn. 27(1)(b)(c) E and (d), a Public Offer, once
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