LAW FOR ALL

SEBI - Regulations 11,16, 18, & 27 - Takeover Regulations- ejusdem generis principle- Acquired excess shares - breached the creeping limits of acquisition - against the rule 11 - made a voluntary open offer through a Public Announcement in major National Newspapers, under Regulation 11 of the Takeover Regulations - sought permission by letter to SEBI - Sebi delayed in giving it's comments - in the meanwhile - the company withdraw it's open offer as it is unviable - SEBI not accepted - challenged in SAT - SAT allowed - Apex court held that The plain reading of the regulation makes it clear that no public offer whether it is voluntary or triggered by Regulation 11 can be withdrawn, unless it satisfies the circumstances set out in Regulation 27(1)(b), (c) and (d). There can be no distinction between a triggered public offer and a voluntary public offer. Both have to be considered on an equal footing. and held that In our opinion, the ejusdem generis principle is fully applicable for the interpretation of Regulation 27(1)(b)(c) and (d) as there is a common genus of impossibility. This impossibility envisioned under the aforesaid regulation would not include a contingency where voluntary open offer once made can be permitted to be withdrawn on the ground that it has now become economically unviable. and allowed the appeal filed By SEBI set aside the SAT order and restored the directions of SEBI = Securities and Exchange Board of India …Appellant VERSUS M/s. Akshya Infrastructure Pvt. Ltd. ..Respondent=2014 (April. Part)http://judis.nic.in/supremecourt/filename=41474