https://www.taxtmi.com/caselaws?id=308953 The appellate authority found SEBI's reasons for declining exemption to be untenable but ruled the request premature as the warrants were not yet issued. The acquirer had the option to convert them within 18 months, and until conversion, did not hold voting rights triggering the takeover code. The appeal was disposed of, allowing the target company or acquirer to apply for exemption post-conversion, to be considered by SEBI in accordance with the law. Timing and conditions for triggering takeover regulations were emphasized, stressing the importance of proper issuance and conversion of securities before seeking exemptions. en-us Tue, 22 Dec 2009 00:00:00 +0530 Thu, 03 Aug 2023 10:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308953 The appellate authority found SEBI's reasons for declining exemption to be untenable but ruled the request premature as the warrants were not yet issued. The acquirer had the option to convert them within 18 months, and until conversion, did not hold voting rights triggering the takeover code. The appeal was disposed of, allowing the target company or acquirer to apply for exemption post-conversion, to be considered by SEBI in accordance with the law. Timing and conditions for triggering takeover regulations were emphasized, stressing the importance of proper issuance and conversion of securities before seeking exemptions. Case-Laws SEBI Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308953