https://www.taxtmi.com/caselaws?id=425027 SC dismissed the Board's appeals, upholding that the regulator cannot retroactively overturn its long-standing interpretation of Regulation 10 of the Takeover Regulations 1997 to create penal consequences and stressing predictability in regulation. The Court clarified that the Appellate Tribunal may examine, set aside, modify or substitute directions under Regulation 44 but cannot initiate or impose penalties under Chapter VI-A (Section 15-H) for the first time; initiation of penalty proceedings remains the adjudicating authority's function. A previously imposed monetary penalty that attained finality was not disturbed, and the Board was directed not to reopen proceedings under Chapter VI-A. en-us Mon, 11 Jul 2022 00:00:00 +0530 Wed, 03 Sep 2025 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425027 SC dismissed the Board's appeals, upholding that the regulator cannot retroactively overturn its long-standing interpretation of Regulation 10 of the Takeover Regulations 1997 to create penal consequences and stressing predictability in regulation. The Court clarified that the Appellate Tribunal may examine, set aside, modify or substitute directions under Regulation 44 but cannot initiate or impose penalties under Chapter VI-A (Section 15-H) for the first time; initiation of penalty proceedings remains the adjudicating authority's function. A previously imposed monetary penalty that attained finality was not disturbed, and the Board was directed not to reopen proceedings under Chapter VI-A. Case-Laws SEBI Mon, 11 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425027