Supreme Court of India
Securities and Exchange Board of India v. M/s. Akshya Infrastructure Pvt. Ltd.
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1 Supreme Court bench has cited this judgment.
From the headnote
c SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997-Regn. 27 and 11- Whether an open offer voluntarily made through a Public Announcement for purchase of shares of the target company can be permitted to be withdrawn at a time when the voluntary open offer has become uneconomical to be performed - Held: Plain reading of Regn. 27(1) makes it clear that no public offer whether it is voluntary or triggered by Regn.11 can be withdrawn, unless it satisfies the circumstances set out in Regn.27(1)(b), (c) and (d)- Under Regn. 27(1)(b)(c) and (d), a Public Offer, once made, can
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