Interim open offer directions under takeover regulations protect investor interests pending SEBI consideration.

Interim directions were issued in a competing open offer dispute under the SEBI Takeover Regulations, with the Court noting the disputed public announcement date, pending SEBI consideration, and the nearing end of the tendering period. To protect public investor interests, the Court treated the relief as fact-specific, expressly interim, and without prejudice to the parties' rights and contentions. It directed deposit of Rs. 600 crores by the appellant or nominated applicant by 12.02.2025 and extended the open offer to that date, with the offer to continue further if the deposit is made and SEBI passes an order on the application.

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Issues: Whether interim directions were warranted in relation to the competing open offer under Regulation 20 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, including continuation of the offer period and deposit of security.

Analysis: The order notes the dispute on the date of public announcement, the pending consideration before SEBI, the impending end of the tendering period, and the need to protect public investors' interests. It also records that the directions are passed in the peculiar facts of the case and are expressly interim and without prejudice to the parties' rights and contentions.

Outcome: The Court directed deposit of Rs.600 crores by the appellant or the nominated applicant by 12.02.2025, extended the open offer till that date, and provided that the offer would continue further if the deposit is made and SEBI passes an order on the application.

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