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2021 (7) TMI 1417 - AT - SEBIViolation of Regulation 11(1) of the SAST Regulations - Non issue of open offer - Initiation of proceedings after delay of 12 Years - WTM came to the conclusion that all the acquirers collectively acquired more than five percent of the shares in the financial year 2005-06 and such acquisition beyond five percent triggered the open offer under Regulation 11(1) which acquirers failed to make and, therefore, became liable for penal action under the SAST Regulations - HELD THAT:- In the present case, SEBI is sitting quietly and has not taken any action for 12 years. Such delay defeats the purpose of initiation of proceedings for appropriate action. Inspite of specific orders being issued from time to time on the question of delay the WTM chooses to ignore those decisions as if they do not exist or is not binding upon them. In the instant case, we find that the WTM has trenchantly asserted that it is a settled position that there is no time limit for issuing notice and that an order cannot be set aside on the ground of delay. Such assertion being used time and again in the order passed by the AO or the WTM is patently erroneous. This Tribunal in a large number of appeals have set aside the orders only on the ground of delay. Thus considering the long lapse of time in initiating the proceedings, the direction to make an open offer was not appropriate in the circumstances of the case. For the reasons stated aforesaid, the impugned order cannot be sustained and is quashed. The appeals are allowed
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