IndiaStar (Mauritius) Ltd

SAT-appeal

• 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
• Acquirer's letter of offer suppressed identity of persons in control, not true and fair; investors claim they would have tendered in open offer if disclosed.
  Set aside SEBI communications rejecting complaints of appellants · Restore complaints for fresh decision on merits uninfluenced by WTM order dated 21.11.2014
  Appeal: Appeal Nos. 2, 11, 44 and 128 of 2017 disposed of on 02.02.2018 with no order as to costs
• Acquirer allegedly suppressed material facts on persons in control in letter of offer for 20% open offer, violating Takeover Regulations 1997; WTM held disclosure not true and fair.
  Set aside impugned SEBI communications rejecting complaints · Restore complaints for fresh decision on merits without being influenced by WTM decision dated 21.11.2014
  Appeal: Appeal Nos. 2, 11, 44 and 128 of 2017 disposed of on 02.02.2018 with no order as to costs