Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2(1)([) - Acquisition of 26.01% 1997 - Regns. 22(7) |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - Regns. 22(7), 2(1)([) - Acquisition of 26.01% of the share capital in the target company on the date of Share Purchase Agreement by the acquirer - On the same date appointment of directors i11 the target company by the acquirer company and the company acting in concert - SEEi held that this amounted to violation of Regn. 22(7) since the appointment was made during the offer period-date of execution of share purchase agreement - Tribunal held them not liable for violating Regn. 22(7) - On appeal, held: Concluded agreement is not contemplated to be the starting point of th<' rJjfer period - But such a consequence must naturally follow once the offer period commences from the date of entering into a Memorandum of Understanding-agreement, falling short of a binding contract - If the offer period can be triggered of by an understanding that is yet to fructify into an agreement, the same can be said to have commenced/started jiĀ·om the date of a concluded agreement-share purchase agreement - Order passed by the tribunal is set aside and that of the Adjudicating Officer is restored. |
Judge | Honble Mr. Justice Ranjan Gogoi |
Neutral Citation | 2016 INSC 1089 |
Petitioner | Securities & Exchange Board Of India |
Respondent | Burren Energy India Ltd. & Ors. |
SCR | [2016] 8 S.C.R. 101 |
Judgement Date | 2016-12-02 |
Case Number | 361 |
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