2023 (4) TMI 1449

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..../s. RHP Partners For the Respondent : Mr. Abhiraj Arora, Advocate with Mr. Deepanshu Agarwal, Ms. Misbah Dada, Mr. Shourya Tanay, Advocates i/b ELP ORDER Per : Justice Tarun Agarwala, Presiding Officer (Oral) 1. The present appeal has been filed challenging the order dated March 16, 2023 passed by the Whole Time Member (hereinafter referred to as 'WTM') of Securities and Exchange Board of India (hereinafter referred to as 'SEBI') directing the appellants to sell the shares in the target company which were acquired in violation of Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 which was in excess of 5% and further directed the appellants to deposi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the case and accordingly remitted the matter to the WTM to issue an appropriate direction as provided under Regulation 44 of the SAST Regulations other than the direction to make an open offer. 3. SEBI, being aggrieved by the order of this Tribunal filed a Civil Appeal No. 1331 of 2022 before the Hon'ble Supreme Court of India which was dismissed by an order dated September 15, 2022. 4. Pursuant to the order of this Tribunal, the impugned order has been passed issuing directions under Regulation 44 of the SAST Regulations. 5. We have heard the learned counsel from M/s. RHP Partners for the appellants and Mr. Abhiraj Arora, the learned counsel with Mr. Deepanshu Agarwal, Ms. Misbah Dada, Mr. Shourya Tanay, the learned counsel fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es where an acquisition of shares pursuant to an allotment is in breach of regulation 10, 11 or 12; (d) directing the target company or the depository not to give effect to transfer or further freeze the transfer of any such shares and not to permit the acquirer or any nominee or any proxy of the acquirer to exercise any voting or other rights attached to such shares acquired in violation of regulation 10, 11 or 12; (e) debarring any person concerned from accessing the capital market or dealing in securities for such period as may be determined by the Board; (f) directing the person concerned to make public offer to the shareholders of the target company to acquire such number of shares at such offer price as dete....