General Insurance Corporation of India

SAT-appeal

• The acquirer was previously found to have violated the SEBI Act and regulations framed thereunder. The WTM later exonerated the acquirer, which is challenged in the appeal.
  Respondent to file reply within three weeks from 6 July 2022 · Appellant may file rejoinder thereafter
  Appeal: Appeal No. 354 of 2022 was pending; order dated 6 July 2022 directed replies and listed the matter for final disposal on 25 August 2022.
• Acquirer suppressed material facts in open offer; letter of offer did not present true and fair representation of persons having control over acquirer, violating Takeover Regulations, 1997.
  Impugned SEBI communications rejecting complaints set aside · Complaints restored for fresh decision on merits uninfluenced by WTM decision dated 21.11.2014
  Appeal: Appeal Nos. 2, 11, 44 and 128 of 2017 disposed of by SAT order dated 02.02.2018 with no order as to costs
• Suppression of material facts in the letter of offer and failure to make a true and fair representation of persons having control over the acquirer, allegedly violating the Takeover Regulations, 1997.
  Impugned SEBI communications rejecting the complaints were set aside. · Complaints were restored for fresh decision on merits by a competent SEBI officer.
  Appeal: Appeal Nos. 2, 11, 44 and 128 of 2017 disposed of by SAT on 2 February 2018; no order as to costs.