Nirma Industries Ltd. & Anr vs Securities & Exchange Board Of India

The Supreme Court, while adjudicating an appeal under Section 15Z of the Securities and Exchange Board of India Act, 1992, upheld the decision of the Security Appellate Tribunal which dismissed the appellants' challenge against SEBI's order rejecting their request to withdraw an open offer for acquiring shares under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court clarified that the invocation of the pledge triggered Regulation 10 of the Takeover Code, and the appellants were bound by the public announcement made for the open offer. The Court affirmed that the regulatory framework aims to protect the interests of shareholders and maintain market integrity, thus supporting SEBI's regulatory authority in such matters.