SWEDISH MATCH AB vs SECURITIES & EXCHANGE BOARD,INDIA

The Supreme Court examined the applicability of Regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, in the context of the acquisition of shares in Wimco Limited by the Swedish Match Group. The Court held that the obligation to make a public announcement arose due to the indirect acquisition of more than 10% shares, affirming that both the Swedish Match Group and Jatia Group were 'persons acting in concert' under Regulation 2(e)(2)(i). The Court upheld the validity of the shareholding structure post-acquisition, confirming compliance with the Companies Act, 1956, particularly Section 81(1)(A).