Takeover regulations grievance to be treated as a SEBI complaint, with expeditious regulatory decision required.

A grievance alleging violation of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 was not pursued further in writ proceedings because an alternate remedy of complaint before SEBI was available. The matter was to be treated as a complaint to SEBI, and the regulator stated that it would examine and decide any such complaint. The operative effect was that the writ petition was not separately adjudicated on merits, and SEBI was required to take an appropriate decision expeditiously, within two weeks.

---

---

Issues: Whether the petition, concerning alleged violation of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, should be treated as a complaint before SEBI and disposed of with a direction for appropriate consideration.

Analysis: The petition raised a grievance that the respondents had acted contrary to the takeover regulations and sought consequential relief in the nature of a direction for a particular share price. Since an alternate remedy of filing a complaint before SEBI was available, and SEBI stated that any such complaint would be examined and decided, further adjudication in the writ petition was considered unnecessary. The appropriate course was to forward the grievance to SEBI for treatment as a complaint and for an expeditious decision.

Conclusion: The petition was directed to be treated as a complaint by SEBI, which was required to take an appropriate decision within two weeks.

---