CLARIANT INTERNATIONAL LTD. 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 Securities Appellate Tribunal's decision was upheld, requiring the acquirer to make a public announcement regarding the acquisition of shares in Colour Chem Ltd. The Court emphasized that the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 were violated due to the failure to announce the acquisition, which resulted in a directive for the acquirer to pay interest at 15% per annum to shareholders for the delay. The judgment reinforces the importance of compliance with takeover regulations to protect shareholder interests.