LAUREL ENERGETICS PVT. LTD. vs SECURITIES EXCHANGE BOARD OF INDIA

The Supreme Court interpreted Regulation 10 of the SEBI Takeover Regulations, 2011, clarifying that the exemption provisions do not apply to acquisitions made through inter se transfers among promoters, thus mandating compliance with open offer obligations. The Court held that the price for shares must reflect the higher acquisition price of Rs.6.30 per share instead of the lower offer price of Rs.3.20, and interest at 10% per annum must be paid from the scheduled date of payment. The ruling emphasizes the importance of adhering to regulatory requirements in share acquisitions.