https://www.taxtmi.com/caselaws?id=308971 Investment and conversion arrangements under trust, shareholding and debenture agreements were assessed as a whole to determine whether they created indirect acquisition of control over the target companies. The decisive factors were that management and voting control remained with the original promoters and their entities, the convertible debentures carried no voting rights, and the conversion option had not been exercised. On that basis, the structure was treated as an investment arrangement rather than an immediate transfer of control, so no disclosure obligation or open offer requirement was triggered and the complaint was rejected. en-us Tue, 28 Sep 2021 00:00:00 +0530 Thu, 03 Aug 2023 21:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308971 Investment and conversion arrangements under trust, shareholding and debenture agreements were assessed as a whole to determine whether they created indirect acquisition of control over the target companies. The decisive factors were that management and voting control remained with the original promoters and their entities, the convertible debentures carried no voting rights, and the conversion option had not been exercised. On that basis, the structure was treated as an investment arrangement rather than an immediate transfer of control, so no disclosure obligation or open offer requirement was triggered and the complaint was rejected. Case-Laws SEBI Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308971