Promoters weren’t PAC as they didn’t participate in acquisition of shares by other promoters without public offer

SEBI : Where two promoters of company acquired additional shares of company without making any public announcement of an offer for acquiring shares of company, in view of fact that other promoters did not participate in acquisition of shares, they were not person acting in concert with those two promoters who acquired additional shares

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193303/promoters-weren’t-pac-as-they-didn’t-participate-in-acquisition-of-shares-by-other-promoters-without-public-offer.aspx