https://www.taxtmi.com/caselaws?id=342756 The tribunal ruled that inter-se promoter transfers were not exempt from open offer obligations under Regulation 10(1)(a)(ii) of SAST Regulations, 2011. It held that informal guidance from SEBI was not legally binding and could not supersede statutory provisions. The appellants were instructed to proceed with the open offer at a revised price and pay shareholders the mandated interest. Additionally, the tribunal directed the appellants to deposit a specified amount with SEBI within four weeks to stay enforcement pending potential appeal to the Apex Court. en-us Wed, 05 Apr 2017 00:00:00 +0530 Thu, 11 May 2017 07:11:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342756 The tribunal ruled that inter-se promoter transfers were not exempt from open offer obligations under Regulation 10(1)(a)(ii) of SAST Regulations, 2011. It held that informal guidance from SEBI was not legally binding and could not supersede statutory provisions. The appellants were instructed to proceed with the open offer at a revised price and pay shareholders the mandated interest. Additionally, the tribunal directed the appellants to deposit a specified amount with SEBI within four weeks to stay enforcement pending potential appeal to the Apex Court. Case-Laws Companies Law Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342756