Supreme Court upholds SAT ruling quashing SEBI order for open offer on ground of inordinate delay

SAT had held that the SEBI order was unsustainable as it had issued a show cause notice 12 years after the acquisition of shares took place in the financial year 2005-2006.
Supreme Court upholds SAT ruling quashing SEBI order for open offer on ground of inordinate delay
Supreme Court

The Supreme Court this week refused to interfere with a ruling passed by the Securities Appellate Tribunal (SAT) which quashed a Securities and Exchange Board of India (SEBI) order calling for an open offer on the ground of inordinate delay (Securities and Exchange Board of India through Chairman v. Rajeev Bhanot & Ors).

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