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2019 (9) TMI 1314 - AT - SEBIOffer price sought to be paid to the public shareholders calculated erroneously and contrary to the Takeover Regulations, 2011 - definition of “frequently traded shares” - whether the amended definition of Regulation 2(1)(j) would be applicable or the old definition would be applicable has to be considered and decided by some authority? - HELD THAT:- In the instant case, we do not find as to how the offer price of ₹ 55.22 was arrived at by the merchant banker as approved by SEBI. Further, the question that the offer price should be considered as on the date the public announcement of the offer was made i.e. on November 17, 2017 or on the date when the Merger Agreement on May 24, 2016 was made is also required to be considered. Since, we find that the authority has not considered these aspects it will not be appropriate for this Tribunal to consider these propositions at this stage. We find that the appellant had written several emails to SEBI intimating them that the offer price was required to be calculated as per the unamended definition of frequently traded shares. It seems that SEBI has not dealt with the objections raised by the appellant while finalizing the offer price of the acquirer. We dispose of this appeal directing the appellant to file a consolidated representation afresh annexing the earlier emails.
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