https://www.taxtmi.com/caselaws?id=111999 The pre-1997 SEBI takeover framework applied only to acquisition of shares in a listed target company, so an indirect purchase of shares in an unlisted foreign holding company did not trigger a public offer obligation. Regulation 3(d) excluded unlisted companies from the 1994 code, and Regulation 9(3) could not be stretched to treat the foreign holding company's securities as those of the listed Indian company. On that construction, Clauses 40-A and 40-B of the Listing Agreement also did not apply, and the challenge to the SEBI and appellate orders failed. en-us Mon, 26 Nov 2007 00:00:00 +0530 Thu, 26 Apr 2012 11:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111999 The pre-1997 SEBI takeover framework applied only to acquisition of shares in a listed target company, so an indirect purchase of shares in an unlisted foreign holding company did not trigger a public offer obligation. Regulation 3(d) excluded unlisted companies from the 1994 code, and Regulation 9(3) could not be stretched to treat the foreign holding company's securities as those of the listed Indian company. On that construction, Clauses 40-A and 40-B of the Listing Agreement also did not apply, and the challenge to the SEBI and appellate orders failed. Case-Laws Companies Law Mon, 26 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111999