Kosha Investments Ltd vs Securities & Exchange Bd Of India & Anr

The Supreme Court upheld the order of the Securities Appellate Tribunal confirming SEBI's directive under Regulation 11(1) of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997, requiring Kosha Investments Ltd. to make a public announcement due to its failure to comply with the regulations after acquiring shares exceeding the permissible limit without announcement. The Court found that the appellant's claim of holding shares was misleading and that it had violated the provisions of the SEBI Act, specifically Section 11 and 11B. The appeal was dismissed, affirming the penalties imposed by SEBI for non-compliance.