SEBI vs AKSHYA INFRASTRUCTURE PVT.LTD

The Supreme Court addressed the issue of whether a voluntary open offer made under Regulation 11 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 can be withdrawn when it becomes uneconomical. The Court held that once a public announcement is made, the offer cannot be withdrawn merely due to changes in market conditions or economic viability, emphasizing the need for investor protection and market integrity. The appeal by the Securities and Exchange Board of India was allowed, affirming the decision of the Securities Appellate Tribunal.