https://www.taxtmi.com/caselaws?id=309001 A binding agreement or decision to acquire shares above the prescribed threshold or to obtain control triggers the open offer obligation under the takeover regulations, even before actual transfer is completed. On the facts described, the memorandum of understanding and supporting conduct showed a settled arrangement to acquire a controlling stake and appoint nominees on the target board, so the non-HUF noticees were treated as acquirers and persons acting in concert. Their failure to make the required public announcement constituted a breach of the takeover regulations and the anti-evasion provision of the SEBI Act. The HUF was excluded because no participation, agreement, or intention was shown, and no consequential directions were issued against it. en-us Mon, 09 Dec 2019 00:00:00 +0530 Sun, 06 Aug 2023 22:48:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309001 A binding agreement or decision to acquire shares above the prescribed threshold or to obtain control triggers the open offer obligation under the takeover regulations, even before actual transfer is completed. On the facts described, the memorandum of understanding and supporting conduct showed a settled arrangement to acquire a controlling stake and appoint nominees on the target board, so the non-HUF noticees were treated as acquirers and persons acting in concert. Their failure to make the required public announcement constituted a breach of the takeover regulations and the anti-evasion provision of the SEBI Act. The HUF was excluded because no participation, agreement, or intention was shown, and no consequential directions were issued against it. Case-Laws SEBI Mon, 09 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309001