9911796707
TMI Blog2025 (3) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... ion filed by the appellants is belated and beyond time. HELD THAT:- Clause (9) of Regulation 20 states that, upon the public announcement of a competing offer, an acquirer who had made the preceding offer shall be entitled to revise the terms of his open offer provided the revised terms are more favourable to the shareholders of the target company. The acquirers making the competing offers shall be entitled to make upward revisions of the offer price at any time up to one working day prior to the commencement of the tendering period. The tendering period, we are informed, has come to an end today, that is, on 07.02.2025. During the course of arguments, it was noted that there have been several attempts to stall the public offer, but with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits ₹600 crores in terms of the 2011 SEBI Regulations, the offer will continue till the end of third day post the date of the order to be passed by SEBI on the application of the appellants.
3. A party aggrieved by the order passed by SEBI would be entitled to take recourse to an appropriate remedy.
Present directions are in the nature of an interim order. X X X X Extracts X X X X X X X X Extracts X X X X ..... date on which the public announcement was made would be 18.01.2025. It is highlighted by the appellants that the private respondents, being non-banking financial companies, had to seek approval from the Reserve Bank of India, which was initially not given but was finally granted on 09.12.2024. It is also highlighted by the appellants that the object and purpose of making a public offer is to ensure that the members of the public, who hold shares, can offload and sell their shares to the group which is acquiring shares at the threshold limit and which may, thereupon, have a say or control over the management of the company. It may be noted that the appellants had made an application before SEBI on 22.01.2025 and it is their submission that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the public offer, but without success. We have noted the said aspect, but at the same time, we have also taken into account the fact that the application filed by the appellants is still pending consideration by the SEBI and has not been disposed of. SEBI would be more concerned about public investors and their rights and interests. The main question that arises and has to be decided by the SEBI relates to the date of public announcement of the open offer, as contemplated in Regulation 20(1) of the 2011 SEBI Regulations. The second question would be whether or not to grant exemption, if the situation requires it. Third issue relates to the public offer price. It is pointed out by the private respondents that they deposited a sum of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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