https://www.taxtmi.com/caselaws?id=191490 Regulation 10 of the 1994 Takeover Regulations was held to apply only where an existing shareholder acquires further shares from the open market beyond the prescribed threshold; it could not be extended to a person holding no shares when the regulations commenced. A privately negotiated acquisition supported by memoranda, allotment timing, transfer documents, and the unlisted status of the shares was treated as outside the open-market sweep of regulation 10 and within the exclusions for public-issue allotments and unlisted shares. On that basis, section 15H of the SEBI Act could not be invoked, and the penalty order was unsustainable. en-us Thu, 16 Jul 1998 00:00:00 +0530 Sat, 06 May 2017 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191490 Regulation 10 of the 1994 Takeover Regulations was held to apply only where an existing shareholder acquires further shares from the open market beyond the prescribed threshold; it could not be extended to a person holding no shares when the regulations commenced. A privately negotiated acquisition supported by memoranda, allotment timing, transfer documents, and the unlisted status of the shares was treated as outside the open-market sweep of regulation 10 and within the exclusions for public-issue allotments and unlisted shares. On that basis, section 15H of the SEBI Act could not be invoked, and the penalty order was unsustainable. Case-Laws Companies Law Thu, 16 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191490