9911796707
TMI Blog2025 (3) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... Shares and Takeovers) Regulations, 2011 "2011 SEBI Regulations", for short. Regulations 20(1) and 20(9) of the 2011 SEBI Regulations read as under: - "20. (1)Upon a public announcement of an open offer for acquiring shares of a target company being made, any person, other than the acquirer who has made such public announcement, shall be entitled to make a public announcement of an open offer within fifteen working days of the date of the detailed public statement made by the acquirer who has made the first public announcement. xxx xxx xxx (9) Upon the public announcement of a competing offer, an acquirer who had made a preceding competing offer shall be entitled to revise the terms of his open offer provided the revised terms are m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as the public offer was dated 18.01.2025, their application would be within the time period, as prescribed by Regulation 20 of the 2011 SEBI Regulations. It is obviously the case of the private respondents that the public offer date must be taken as 03.10.2023 and, therefore, the application filed by the appellants is belated and beyond time. SEBI has yet to decide the said aspect. SEBI had also asked the appellants to move an application for exemption under Regulation 11 of the 2011 SEBI Regulations. As per the appellants, they have moved the said application out of abundant caution on the request made by the SEBI. Further, the appellants plead that the public offer should be the higher of the two - the acquisition price (as on 25.09.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crores way back on 26.09.2023 in an escrow account. Keeping all the aforesaid facts in mind, we are inclined to pass the following order: - 1. The appellant, Digvijay Laxhamsinh Gaekwad (Danny Gaekwad) or their nominee/applicant before SEBI, as suggested by his counsel, shall deposit a sum of Rs.600 crores in terms of the 2011 SEBI Regulations, in the form of cash and/or bank guarantee, on or before 12.02.2025. In case the amount is not deposited by the said date, the directions in the present order shall be automatically vacated without further reference to the Court. 2. The public offer, which is to close today, will be continued till 12.02.2025. In case the appellant, Digvijay Laxhamsinh Gaekwad (Danny Gaekwad) or their nominee/appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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