SAT rejects SEBI interpretation of ‘bulk deal’ under the Takeover Code

Varun Marwah June 2 2018

The Securities Appellate Tribunal (SAT) has, while partially upholding orders passed by the Securities and Exchange Board of India (SEBI), ruled on the certain transactions that took place under provisions of the erstwhile Takeover Code.

While clubbing several appeals, two questions pertaining to Regulation 11(2) of the SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations, 1997 have been answered in this order.

Regulation 11(2) of the 1997 Regulations prohibits any acquisition of shares by persons who already hold between . . .

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