https://www.taxtmi.com/caselaws?id=286498 The Tribunal upheld SEBI's decision to refuse withdrawal of a public offer, dismissing the appeal. SEBI declined the withdrawal request, stating the circumstances cited did not meet the criteria under Regulation 27(1)(d). The Tribunal held that the appellants were aware of adverse facts about the target company before the public announcement and made a business decision. It emphasized strict interpretation of the regulation and ruled that the cited special circumstances did not render the offer impossible. The Tribunal also found no violation of natural justice as the appellants had the opportunity to present their case in writing. en-us Thu, 05 Jun 2008 00:00:00 +0530 Sat, 29 Feb 2020 17:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286498 The Tribunal upheld SEBI's decision to refuse withdrawal of a public offer, dismissing the appeal. SEBI declined the withdrawal request, stating the circumstances cited did not meet the criteria under Regulation 27(1)(d). The Tribunal held that the appellants were aware of adverse facts about the target company before the public announcement and made a business decision. It emphasized strict interpretation of the regulation and ruled that the cited special circumstances did not render the offer impossible. The Tribunal also found no violation of natural justice as the appellants had the opportunity to present their case in writing. Case-Laws Companies Law Thu, 05 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286498