Technip Sa vs Sms Holding (Pvt.) Ltd. & Ors

The Supreme Court addressed the issue of when Technip acquired control of SEAMEC, determining that Technip's control was established on April 12, 2000, not July 3, 2001, as concluded by SEBI. The Court held that Technip violated Regulations 10 and 12 of the Securities And Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 by failing to make a public announcement regarding the acquisition. Consequently, Technip was directed to compensate minority shareholders based on the higher share price from April 2000, affirming the Tribunal's decision to apply Indian law in this context.