0055-2011 Northern Projects Limited vs The Adjudicating Officer Securities and Exchange Board of India
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Full text
“To begin with, the concept of “person acting in concert” under regulation 2(1)(e)(1) is based on a target company on the one side, and on the other side two or more persons coming together with the shared common objective or purpose of substantial acquisition of shares, etc., of the target company. Unless there is a target company, substantial acquisition of whose shares, etc., is the common objective or purpose of two or more persons coming together there can be no “persons acting in concert”. For, de hors the target company the idea of “persons acting in concert” is as irrelevant a
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
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Source: SecMarx — 0055-2011 Northern Projects Limited vs The Adjudicating Officer Securities and Exchange Board of India. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.