Supreme Court of India
Pramod Jain and Others v. Securities and 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
In view of the above, we do not find any merit in this appeal and the same is accordingly dismissed.
Judgment, page 27
From the headnote
Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - s.27 - Hostile takeover of shares - Public Offer - Withdrawal of - On the ground that due to delay on the part of SEBI in taking decision on the draft letter of offer (DLO), the target company siphoned off its coffers, depleted its valuable fixed assets and eroded its net worth substantially and thereby the very object of the offer got defeated - SEBI rejected the application for withdrawal - Securities Appellate Tribunal upheld the order of SEBI - On appeal, held: There was undue delay on
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