Clariant International Ltd. & Anr vs Securities & Exchange Board Of India

The Supreme Court held that under Section 15Z of the Securities and Exchange Board of India Act, 1992, the acquirer must comply with the open offer requirements as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court affirmed the Securities Appellate Tribunal's order directing the acquirer to make a public announcement and pay interest at 15% per annum to shareholders for the delay caused by non-compliance. The judgment emphasizes the importance of transparency and shareholder protection in corporate acquisitions.