Arun Goenka

SAT-appeal

• Challenge to SEBI's accepted fair-price determination and alleged failure to direct payment of interest on delayed payments under the open offer.
  Appeals disposed of with liberty to appellants to submit representations to SEBI on interest payable for delayed payments. · SEBI to appoint an officer to decide the issue after hearing the parties.
  Appeal: Appeal Nos. 338 and 354 of 2020 disposed of on 15 October 2020; earlier Appeal No. 149 of 2020 was dismissed on 17 July 2020.
• Challenge to the open-offer price and interest payable in relation to Golden Tobacco Ltd.'s delayed open offer. Appellant sought a revised price of Rs. 800 per share and interest for all shareholders.
  Appeal No. 220 of 2019 dismissed · No order on costs
  Appeal: Appeal No. 220 of 2019 decided and dismissed by SAT on 11 December 2019; earlier acquirer appeal against SEBI's withdrawal refusal was dismissed by SAT on 6 August 2014, and the Supreme Court dismissed the consequential appeal on 7 November 2016 and review petition on 1 February 2017.
• Claim for interest on consideration paid under a delayed open offer. The appellant alleged that interest under Regulations 22(12) and 44(i) was payable to all shareholders, including those acquiring shares after the trigger date.
  Appeal No. 244 of 2014 dismissed · WTM order dated 26 May 2014 rejecting the appellant's representation upheld
  Appeal: Appeal No. 244 of 2014 dismissed by SAT on 14 October 2014. Earlier Appeal No. 19 of 2014 was disposed of on 4 March 2014.
• SAT matter SATV-25D6B5BBFA62B6C618ED9A2C
  Miscellaneous Application No. 181 of 2023 allowed · SAT order dated 20 January 2023 modified and necessary correction carried out
  Appeal: Miscellaneous Application No. 181 of 2023 in Review Application No. 77 of 2022 in Appeal No. 743 of 2022; order dated 31 January 2023 allowed and order dated 20 January 2023 modified
• SAT matter SATV-2D6D8946627F0D2C14F98549
  Review Application No. 77 of 2022 dismissed · Order dated 1 November 2022 not reviewed
  Appeal: Review Application No. 77 of 2022 in Appeal No. 743 of 2022 dismissed on 20 January 2023; review sought against SAT order dated 1 November 2022
• SAT matter SATV-A03B278C50CDDF14B446862C
  Appeal No. 19 of 2014 and Misc. Application No. 33 of 2014 disposed of as not pressed · Appellant may file fresh exhaustive representation before SEBI
  Appeal: Appeal No. 19 of 2014 with Misc. Application No. 33 of 2014 disposed of on 04.03.2014 as not pressed with liberty to file fresh representation
• Claim for interest for alleged delay in payment of revised open offer consideration to shareholders of Accelya Solutions India Ltd
  Appeal dismissed summarily - appellant not entitled to interest · Misc. Application No. 1242 of 2022 disposed of
  Appeal: Appeal No. 743 of 2022 dismissed summarily on 01.11.2022; prior Sept/Oct 2020 appeals disposed by SAT order dated 15.10.2020
• Alleged failure by SEBI to direct acquirer Aurora UK Bidco to pay interest for delay in open offer payment after fair price revision.
  Appeals disposed with direction to appellants to file representation on delayed-payment interest on or before 22 Oct 2020 · Contestants may file objection within a week thereafter; SEBI officer to decide after hearing
  Appeal: Appeal Nos. 338 and 354 of 2020 disposed on 15.10.2020; Misc. Applications 345, 384, 385 of 2020 disposed
• Takeover / open offer dispute re Golden Tobacco Ltd involving valuation of shares and withdrawal of open offer
  Correct para 5 of 11 Dec 2019 order: substitute GTL with acquirer re valuation of shares · Correct para 7 of 11 Dec 2019 order: substitute appellant with acquirer re withdrawal of open offer
  Appeal: Misc. Application No.27 of 2020 in Appeal No.220 of 2019; hearing 07.02.2020, decision 11.02.2020 disposing review of Tribunal order dated 11.12.2019
• Shareholder complaint of non-implementation of SEBI order dated August 1, 2003 by the acquirer
  Misc. Application No. 280 of 2019 disposed of with no directions to acquirer or SEBI · Shareholder aggrieved by non-implementation may move appropriate application before SEBI
  Appeal: Misc. Application No. 280 of 2019 in Appeal No. 192 of 2018 alongwith Misc. Applications 195/2018 and 205/2018 disposed of on 20.06.2019; main matter noted as already decided