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2015 (8) TMI 725 - SECURITIES APPELLATE TRIBUNAL MUMBAIViolation of acquisition of shares/voting rights – By adjudication order of SEBI, penalty was imposed upon appellants for violating Regulation 10 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 read with Regulation 35 of SAST Regulations, 2011 – Held that:- Admittedly appellants acquired shares in excess of limit prescribed under Regulation 10 of SAST Regulations, 1997 and no steps were made to open offer in accordance with Regulation 10 – Taking into consideration all mitigating factors, penalty imposed by adjudicating officer cannot be said to be unreasonable or excessive – Appeal dismissed – Decided against Appellant.
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