SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997

The Supreme Court examined whether a voluntary open offer made by Akshya Infrastructure Ltd. under Regulation 11 of the SEBI Takeover Regulations could be withdrawn under Regulation 27 when the offer became economically unviable. The Court held that Regulation 27 applies equally to voluntary and triggered public offers…

P. Holding Asia Singapore Ltd. and its holding company acquired 53.46% of Andhra Pradesh Paper Mills Ltd. from the Bangur group for Rs. 523 per share, also paying an exclusivity fee and a non‑compete fee of about Rs. 277.95 crore. SEBI directed the acquirers to increase the public offer price by adding the non‑compete …

Nirma Industries Ltd. and its associate sought to withdraw a public open offer made under SEBI's Takeover Code after discovering alleged fraud and a sharp fall in the target company's share price. SEBI rejected the withdrawal request, and the Securities Appellate Tribunal (SAT) upheld the rejection. The appellants argu…