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Judgment
This civil appeal is filed against the impugned order by the Securities Appellate Tribunal ('SAT', for short) wherein the SAT has held on the facts of this case that the Respondent has not acquired any control in the Target Company and, therefore, not required to make any public offer under Regulation 12 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 ('Takeover Regulations', for short).
During the pendency of the appeal before this Court, an application has been filed by the Respondent in January, 2011, whereby it is stated that there have been subsequent developments in the matter as stated therein whereby the Respondent had not appointed their Director on Board and had not exercised any such power and they had already sold their stake in the Target Company and had retained only about six per cent shareholding of the Target Company.
Further, it was....2/- also informed that a company by name of M/s. Welspun had already acquired majority stake in the Target Company and the said M/s. Welspun had also taken control of the Target Company and, accordingly, complied with the requirements of both Regulation 10 as well as Regulation 12 of the Takeover Regulations.
Keeping in view the above changed circumstances, it is in the interest of justice to dispose of the present appeal by keeping the question of law open and it is also clarified that the impugned order passed by the SAT will not be treated as a precedent.
The civil appeal is, accordingly, disposed of. No order as to costs.