https://www.taxtmi.com/caselaws?id=303280 Binding communications issued under the takeover regulations are appealable where they require amendment of an open-offer letter, notwithstanding their description as comments or advice. Under the 1997 takeover code, the acquisition threshold was to be assessed against the collective holding of persons acting in concert when acquisitions were made jointly; a member could not be treated as separately liable by isolating that member's personal holding. The later rule expressly imposing liability on an individual acting in concert introduced a distinct requirement and could not apply retrospectively to acquisitions completed under the earlier regime. The directions based on the past acquisitions were excluded, allowing the open offer to proceed accordingly. 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 Binding communications issued under the takeover regulations are appealable where they require amendment of an open-offer letter, notwithstanding their description as comments or advice. Under the 1997 takeover code, the acquisition threshold was to be assessed against the collective holding of persons acting in concert when acquisitions were made jointly; a member could not be treated as separately liable by isolating that member's personal holding. The later rule expressly imposing liability on an individual acting in concert introduced a distinct requirement and could not apply retrospectively to acquisitions completed under the earlier regime. The directions based on the past acquisitions were excluded, allowing the open offer to proceed accordingly. Case-Laws SEBI Thu, 31 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303280