Supreme Court clarifies Offer Period under SEBI regulations

Amit Iyer The Supreme Court vide its order dated December 2, 2016, in the case of SEBI versus Burren Energy India Limited (Civil Appeal No. 361 of 2007), clarified on the term ‘offer period’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (“Takeover Regulations, 1997“). The facts of the case was as under: Ø Burren Energy India Limited (“Burren”) was incorporated under laws of England and Wales to acquire the entire shareholding of Unocal Bharat Limited, a company incorporated in Mauritius (“UBL“). Ø The shares...