Pramod Jain And Ors vs Sebi

The Supreme Court upheld the decision of the Securities Appellate Tribunal, affirming SEBI's rejection of the appellants' application to withdraw their public offer for acquiring shares of Golden Tobacco Ltd. under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Court emphasized that the provisions of Section 15Z of the Securities and Exchange Board of India Act, 1992, do not allow for withdrawal of offers once made, particularly in light of the complaints received against the acquirers. The Court concluded that the SAT's order was justified and the appeal was dismissed.