https://www.taxtmi.com/caselaws?id=277239 Substantial share acquisitions through interlinked entities were treated as concerted action, attracting the takeover threshold under the 1994 Regulations. The pre-repeal regulatory proceedings were held saved by the 1997 Regulations' saving clause, so SEBI's inquiry and adjudicatory steps remained valid. On remedy, a wholesale disinvestment of the shares was found inconsistent with investor protection and the takeover code's purpose; the more appropriate corrective measure was a post facto public offer. The disinvestment direction was therefore modified, while the finding of regulatory breach and the direction to commence adjudication were maintained. 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 Substantial share acquisitions through interlinked entities were treated as concerted action, attracting the takeover threshold under the 1994 Regulations. The pre-repeal regulatory proceedings were held saved by the 1997 Regulations' saving clause, so SEBI's inquiry and adjudicatory steps remained valid. On remedy, a wholesale disinvestment of the shares was found inconsistent with investor protection and the takeover code's purpose; the more appropriate corrective measure was a post facto public offer. The disinvestment direction was therefore modified, while the finding of regulatory breach and the direction to commence adjudication were maintained. Case-Laws Companies Law Fri, 01 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277239