Case Law Analysis
|Securities Appellate Tribunal
15-day competing-offer window under Regulation 20(1) starts at Detailed Public Statement - exemption denied | Religare takeover : SAT (Mumbai)
The Securities Appellate Tribunal ruled that the 15-day period for a rival bid under SEBI’s Regulation 20(1) is triggered by the acquirer’s Detailed Public Statement and cannot be shortened by any exemption. This strict timing applies to all takeover contests, affecting bidders and target companies alike.