9911796707
TMI Blog2019 (9) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... ow the offer price of ₹ 55.22 was arrived at by the merchant banker as approved by SEBI. Further, the question that the offer price should be considered as on the date the public announcement of the offer was made i.e. on November 17, 2017 or on the date when the Merger Agreement on May 24, 2016 was made is also required to be considered. Since, we find that the authority has not considered these aspects it will not be appropriate for this Tribunal to consider these propositions at this stage. We find that the appellant had written several emails to SEBI intimating them that the offer price was required to be calculated as per the unamended definition of frequently traded shares. It seems that SEBI has not dealt with the objections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces Corporation and Respondent No. 4 i.e. DXC Technology Company. Pursuant to this Merger Agreement, the acquirer, Respondent No. 2 along with Respondent Nos. 3 4 were required to make a public announcement under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers), Regulations, 2011 ( Takeover Regulations, 2011 for convenience). 3. According to the appellant, the public announcement was to be made within four working days from the date of the Merger Agreement as per Regulation 13(2)(e) of the Takeover Regulations. The acquirer failed to make an announcement within the stipulated period and no action has been taken by SEBI against the acquirer. It was stated that ultimately the announcement wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouncement of the offer was made i.e. on November 17, 2017 or on the date when the Merger Agreement on May 24, 2016 was made is also required to be considered. Since, we find that the authority has not considered these aspects it will not be appropriate for this Tribunal to consider these propositions at this stage. 7. In this regard, we find that the appellant had written several emails to SEBI intimating them that the offer price was required to be calculated as per the unamended definition of frequently traded shares. It seems that SEBI has not dealt with the objections raised by the appellant while finalizing the offer price of the acquirer. 8. For the reasons stated aforesaid, we dispose of this appeal directing the appellant to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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