2025 (11) TMI 1356

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....esiding Officer, Ms. Meera Swarup, Technical Member, And Dr. Dheeraj Bhatnagar, Technical Member For the Appellant : Mr. Pesi Modi, Senior Advocate with Mr. Paras Parekh, Ms. Kalpana Desai, Ms. Ankita Roy and Ms. Vanshita Shah, Advocates i/b Paras Parekh Law Offices For the Respondent : Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Mr. Abhay Chauhan, Mr. Sumit Yadav and Mr. Atul Agarwal....

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....hri Sumit Rai, learned Advocate for the SEBI submitted that the correspondence between Company and SEBI and the merchant banker is at the stage of acquisition of pre 25% shares. Therefore, once appellant has crossed the threshold limit of 25%, he is duty bound to make an open offer and promoter shareholders holding who hold about 65% cannot be excluded based on such correspondence. He submitted th....