SEBI’s order directing legal heir of deceased MD of target-co. to make open offer after 12 yrs was to be quashed

COMPANY LAW/SEBI : Where Chairman/Managing Director of target company acquired its shares in excess of threshold limit of 5 per cent without making an open offer and thus, violated regulation 11 and later on, he died and SEBI after inordinate delay of 12 years passed impugned order directing legal heirs to make an open offer, said order was not appropriate, and, hence, was to be quashedCOMPANY LAW/SEBI : Where Chairman/Managing Director of target company acquired its shares in excess of threshold limit of 5 per cent without making an open offer and thus, violated regulation 11 and later on, he died and SEBI after inordinate delay of 12 years passed impugned order directing legal heirs to make an open offer, said order was not appropriate, and, hence, was to be quashedwww.taxmann.com Latest Case LawsRead More

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