G.L. SULTANIA vs S.E.B.I..

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 judicial interference in valuation matters is limited to instances where a grave error of law or principle is evident. The appeals were dismissed as the appellants failed to demonstrate any such error in the valuation process undertaken by the appointed valuers.