Supreme Court of India
1.p. Holding Asia Singapore P. Ltd. & Anr. v. Securities & Exchange Board of India
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the appeal deserves to be allowed and accordingly it is allowed.
Judgment, page 25
From the headnote
SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - Regulations 10, 20(8), 8- Non-compete fee - Liability of the acquirer company to pay, to the public shareholders of the target company - Held: Acquirer company not liable to pay non-compete fee to the public shareholders of the target company as it was being paid to the outgoing promoters of the target company which is being taken over by the acquirers - Ordinarily when there is a gap of 25% between the consideration paid to the outgoing promoters and the non-compete fee, SEBI ought not to conduct any inquiry -
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