SBEC Systems (India) Ltd.

SAT-appeal

• Acquisition of an additional 9.4% voting rights by promoter-group entities without making the mandatory public announcement/open offer under Regulation 3(2) of the SAST Regulations.
  Appeal No.443 of 2018 by SBEC Systems (India) Ltd. allowed because SEBI did not establish that it acted in concert. · Impugned direction requiring all appellants to make an open offer with 10% interest was not sustained against SBEC Systems (India) Ltd.
  Appeal: Appeal Nos.443 and 444 of 2018; Appeal No.443 by SBEC Systems (India) Ltd. allowed. Disposition of Appeal No.444 is not provided in the supplied text.
• Acquisition of an additional 9.4% voting rights by promoter-group entities without making the required public announcement/open offer under Regulation 3(2) of the SAST Regulations.
  Appeal No. 443 of 2018 by SBEC Systems (India) Ltd. was allowed, as reflected in the available text. · Impugned direction requiring appellants to make a public announcement for an open offer with 10% annual interest was challenged; full disposition of Appeal No. 444 is not present in the supplied text.
  Appeal: Appeal Nos. 443 and 444 of 2018; SAT order reserved 21 November 2019 and decision dated 29 January 2020. Available text records Appeal No. 443 as allowed; outcome for Appeal No. 444 is absent.