2002 (5) TMI 694

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..... Goolam E. Vahanvati for the Respondent. JUDGMENT S. Radhakrishnan, J. - By this appeal the appellants herein are challenging the order of the Securities Appellate Tribunal in Appeal No. 30 of 2001 dated 7-9-2001. In this appeal the appellant No. 1 B.P. Plc. formerly B.P. Amoco Plc. and the second appellant being Foseco Plc., are public limited companies incorporated in the United Kingdom. ....

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....e delayed in making the payments to be shareholders. Finally in the aforesaid appeal the Securities Appellate Tribunal came to a conclusion that the order of the SEBI directing the appellant to make a public announcement to acquire shares from the shareholders of Foseco India Ltd. was proper hence was upheld. As far as the direction regarding payment of interest by appellant from 14-3-2000 till th....

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....s per the provisions of the Securities and Exchange Board of India Act, 1992 and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 framed thereunder. As far as the issue of award of interest is concerned the Securities Appellate Tribunal has already set aside the order of SEBI directing the appellant to pay interest from 14-3-2000 till actual date of public announcement.....