https://www.taxtmi.com/caselaws?id=463564 Inter se promoter transfers were treated as exempt for computing open offer obligations, and inter-connectedness alone was held insufficient to establish persons acting in concert without proof of a shared objective to acquire control or shares. The takeover-related show cause notice and penalty were also set aside because adjudicatory action initiated after an unexplained and substantial delay was not within a reasonable period, despite no express limitation period. By contrast, the failure to disclose conversion of warrants into shares and the subsequent share transfer under insider trading disclosure norms was held to attract liability, and the penalty was sustained because the nondisclosure crossed the prescribed threshold and was not shown to be arbitrary. en-us Thu, 19 Jan 2023 00:00:00 +0530 Sat, 06 Sep 2025 16:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463564 Inter se promoter transfers were treated as exempt for computing open offer obligations, and inter-connectedness alone was held insufficient to establish persons acting in concert without proof of a shared objective to acquire control or shares. The takeover-related show cause notice and penalty were also set aside because adjudicatory action initiated after an unexplained and substantial delay was not within a reasonable period, despite no express limitation period. By contrast, the failure to disclose conversion of warrants into shares and the subsequent share transfer under insider trading disclosure norms was held to attract liability, and the penalty was sustained because the nondisclosure crossed the prescribed threshold and was not shown to be arbitrary. Case-Laws SEBI Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463564