Open Offer Obligations under Takeover Code: Determining the Trigger Point – Acquisition vs. Conversion of Convertible Securities – By Avantika

The Securities Appellate Tribunal recently ruled in favour of Reliance Industries Holding Pvt. Ltd. in an appeal challenging SEBI's order. SEBI had imposed a penalty of Rs. 25 crores on Reliance for allegedly violating Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover Code).