G.L. Sultania And Another vs The Securities And Exchange Board Of ...

The Supreme Court upheld the decision of the Securities Appellate Tribunal, affirming that the valuation of shares conducted by the Securities and Exchange Board of India (SEBI) complied with Regulation 20(5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court established that interference in valuation matters is warranted only in cases of grave error or failure to adhere to statutory requirements. The appeals were dismissed, confirming the valuation approved by SEBI as fair and justifiable.