Admitting a petition by market regulator Sebi against appellate tribunal SAT’s order granting exemption to Arvind Remedies and its promoters from complying with the provisions of takeover norms, a three-judge bench headed by Chief Justice S H Kapadia issued notices to parties concerned.
Setting aside the market watchdog’s order, the Securities and Appellate Tribunal (SAT) had said that in special circumstances exemption can be given to a listed company from complying with the provisions takeover code.
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