https://www.taxtmi.com/caselaws?id=277239 The Tribunal held that SEBI lacked jurisdiction to direct disinvestment of shares acquired before the 1994 Regulations. However, acquisitions made during the 1994 Regulations were found to be in violation, but SEBI's direction to disinvest at a specified price was deemed unfavorable. SEBI's procedural compliance was questioned, and its power to review orders was acknowledged. The Tribunal upheld SEBI's direction to initiate adjudication proceedings but modified the order, directing the appellants to make a public offer for shares at a specified price to compensate shareholders for the delay in payment. en-us Fri, 01 Aug 2003 00:00:00 +0530 Thu, 29 Nov 2018 16:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277239 The Tribunal held that SEBI lacked jurisdiction to direct disinvestment of shares acquired before the 1994 Regulations. However, acquisitions made during the 1994 Regulations were found to be in violation, but SEBI's direction to disinvest at a specified price was deemed unfavorable. SEBI's procedural compliance was questioned, and its power to review orders was acknowledged. The Tribunal upheld SEBI's direction to initiate adjudication proceedings but modified the order, directing the appellants to make a public offer for shares at a specified price to compensate shareholders for the delay in payment. Case-Laws Companies Law Fri, 01 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277239