SAT upheld SEBI's order directing appellant to make an open offer for acquiring 15% of paid up capital of target co.

COMPANY LAW/SEBI : Where appellant foreign investors took an opinion from a reputed audit firm who had advised appellants to make an open offer for acquiring more than 15 percent paid up capital of target company, not doing so would be in violation of regulation 10 of SAST regulation and, therefore, impugned order passed by SEBI directing appellants to make an open offer would not be interfered with

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