https://www.taxtmi.com/caselaws?id=300038 The appellants were found to have violated Regulation 7 of the takeover code by collectively acquiring 8.46% shares without informing the company, acting in concert and failing to provide evidence to refute the allegation. Despite verbal denials, they did not rebut the charges, leading to the adjudicating officer upholding the violation. However, the violation of Regulation 10 was set aside as they acquired less than 15% of the total paid-up share capital. The penalty amount was directed to be paid within 45 days. Triumph International Finance India Ltd. did not appeal the findings against it, making those findings final. en-us Fri, 08 Dec 2006 00:00:00 +0530 Mon, 10 Jan 2022 10:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300038 The appellants were found to have violated Regulation 7 of the takeover code by collectively acquiring 8.46% shares without informing the company, acting in concert and failing to provide evidence to refute the allegation. Despite verbal denials, they did not rebut the charges, leading to the adjudicating officer upholding the violation. However, the violation of Regulation 10 was set aside as they acquired less than 15% of the total paid-up share capital. The penalty amount was directed to be paid within 45 days. Triumph International Finance India Ltd. did not appeal the findings against it, making those findings final. Case-Laws SEBI Fri, 08 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300038