NIRMA INDUSTRIES LTD. vs SECURITIES & EXCHANGE BOARD OF INDIA

The Supreme Court upheld the decision of the Securities Appellate Tribunal (SAT) dismissing the appeal of Nirma Industries Ltd. under Section 15Z of the Securities and Exchange Board of India Act, 1992. The Court confirmed that the rejection of the appellants' request to withdraw their offer to acquire shares under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 was valid, as the invocation of the pledge triggered Regulation 10 of the Takeover Code. The Court emphasized the importance of compliance with the regulatory framework governing substantial acquisitions and takeovers.