M/S DAIICHI SANKYO COMPANY vs JAYARAM CHIGURUPATI .

The Supreme Court examined the legality of the offer price of Rs. 113.62 per share made by M/s Daiichi Sankyo Company Ltd. for acquiring shares of Zenotech Laboratories Ltd., in light of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court held that the offer price must reflect the highest price determined by the prescribed methods, which in this case was Rs. 160.00 per share, thus ruling the lower offer as unfair and unlawful. The judgment emphasized the importance of compliance with the Takeover Code to protect shareholders' interests.