STERLITE INDUSTRIES INDIA LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) The Petitioners have prayed for a writ of certiorari and for setting aside the order dated 1 9/02/1999 passed by the Central Government designated as the appellate authority under the provisions of Section 20 of the Securities and Exchange Board of India Act, 1992 (for short the SEBI Act).

(2.) The Petitioners have also prayed for the striking down of Regulations 22(13), 44 and 45 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (for short the Takeover Regulations). However, no submissions were made in this regard and so we assume that this challenge was given up.

(3.) Petitioner No.1 is a public limited company incorporated under the Companies Act, 1956 (for short the Companies Act) while Petitioner No.2 is a private limited company. The precise relationship between these two companies has not been spelt out in the writ petition, nor was it orally explained to us. However, for all practical purposes it is only the role of Petitioner No.1 which came up for scrutiny and consideration before us. Nothing was ascribed to Petitioner No.2 which seems to have acted in concert with and tacitly accepted everything done by Petitioner No.1. The liabilities and responsibilities, if any, are said to be of Petitioner No.1 which has virtually played the role of a "big brother". Reference to the Petitioners, therefore, means reference to Petitioner No.1.