THE SUPREME COURT OF INDIA dismissed the Statutory Appeal filed by Nirma Industries Limited for withdrawal of an open offer to acquire the Equity Shares of Shree Ram Multi Tech Limited (SRMTL) against the impugned order passed by SAT, having no merits found in the Appeal.
FACTS OF THE CASE:
- Voluntary Offer once made under the Takeover Code can only be withdrawn under Regulation 27 under the exceptional circumstances and
- The fact that the market price of the target company (post public announcement) is far below the offer price cannot be a reason for seeking withdrawal of an offer.
Civil Appeal No. 6082 of 2008
Date of Judgment : May 9, 2013
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