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2001 (8) TMI 1447 - SECURITIES APPELLATE TRIBUNAL, MUMBAIExtract: .......ing an open offer. The said finding does not sustain for the reason that the appellant's acquisition entitling it to exercise voting rights was below the 10 percent benchmark provided in regulation 10. Therefore imposition of penalty cannot be sustained. 32. For the reasons stated above the appeal is allowed and the impugned order is set aside.
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