https://www.taxtmi.com/caselaws?id=303280 SEBI communications under regulation 18(2) of the 1997 takeover code were treated as appealable when they had binding effect, because a direction requiring amendments to the draft letter of offer could not escape appellate scrutiny by being labelled advisory. Regulation 10 had to be applied to the concert party as a unit, so past acquisitions by one member could not be isolated to fasten separate liability on that person alone. The later 2011 open-offer provision, which expressly broadened liability for persons acting in concert, was held not to apply retrospectively to acquisitions made in 2006 and 2007. The article notes that the appeal succeeded and the open offer could proceed. en-us Thu, 31 Oct 2013 00:00:00 +0530 Tue, 12 Jul 2022 15:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303280 SEBI communications under regulation 18(2) of the 1997 takeover code were treated as appealable when they had binding effect, because a direction requiring amendments to the draft letter of offer could not escape appellate scrutiny by being labelled advisory. Regulation 10 had to be applied to the concert party as a unit, so past acquisitions by one member could not be isolated to fasten separate liability on that person alone. The later 2011 open-offer provision, which expressly broadened liability for persons acting in concert, was held not to apply retrospectively to acquisitions made in 2006 and 2007. The article notes that the appeal succeeded and the open offer could proceed. Case-Laws SEBI Thu, 31 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303280