https://www.taxtmi.com/caselaws?id=362806 The tribunal held that under the second proviso to regulation 11(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, an acquirer could only acquire up to 5% voting rights without making an open offer. The tribunal quashed the decision that acquisitions exceeding 0.5% in a single transaction disqualified the appellants from the exemption. The order in Appeal No. 265 of 2015 was remanded to SEBI for reconsideration, while all other appeals were allowed, and their respective decisions were quashed. en-us Mon, 28 May 2018 00:00:00 +0530 Tue, 03 Jul 2018 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362806 The tribunal held that under the second proviso to regulation 11(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, an acquirer could only acquire up to 5% voting rights without making an open offer. The tribunal quashed the decision that acquisitions exceeding 0.5% in a single transaction disqualified the appellants from the exemption. The order in Appeal No. 265 of 2015 was remanded to SEBI for reconsideration, while all other appeals were allowed, and their respective decisions were quashed. Case-Laws Companies Law Mon, 28 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362806