Shares acquired without declaration to SEBI on time need to be offered for buyback to Company: NCLT

Where acquisition of shares in excess of 5 per cent of shareholding was in violation of SEBI Insider Trading Regulations and SEBI SAST Regulations for lack of proper format of declaration, in interest of justice, shares so acquired in excess of five per cent in violation of SEBI Regulations, should be offered for buyback to company at market value of share which was on date of presentation of petition.

July 20th, 2017