KOSHA INVESTMENTS LTD. vs SECURITIES & EXCHANGE BD OF INDIA

The Supreme Court upheld the orders of the Securities Appellate Tribunal and SEBI, confirming that Kosha Investments Ltd. violated Regulation 11(1) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 by failing to make a public announcement prior to acquiring additional shares of Snowcem India Ltd. The Court found that the appellant's claim of holding more shares was unsubstantiated and that the acquisition exceeded the permissible limit without announcement. Consequently, the appeals were dismissed, affirming the penalties imposed by SEBI.