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High Court of DelhiW.P.(C)/11974/2018

Satish Gogia v. Union Of India & ORS

2018-11-02Hon'Ble Mr. Justice Vibhu Bakhru2 pages

$~54 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ W.P.(C) 11974/2018 SATISH GOGIA ..... Petitioner Through:

Saket Sikri, Mr Aman Vachher, Mr Aviskae Singhvi, Mr Dhiraj, Mr Ashutosh Dubey, Mr Abhishek Chouhan, Mr Arun Nagar and Mr Rahul Arya, Advocates.

versus UNION OF INDIA & ORS ..... Respondents Through:

Ms Maninder Acharya, ASG with Mr Kirtiman Singh, CGSC Mr Ravi Prakash, CGSC, Mr Samir Malik, Mr Ankit Jain, Ms Saroj Bala, Mr Kamal Mehta, Mr Aditya Sharma and Mr Viplav Acharya, Advocates for R-1 and R-2.

Mr Sahil Khanna, Advocate for R-4.

CORAM:

HON'BLE MR. JUSTICE VIBHU BAKHRU

O R D E R

% 02.11.2018 CM No.46394/2018 1.

Allowed, subject to all just exceptions.

W.P.(C) 11974/2018 2.

The petitioner has filed the present petition, inter alia, praying that respondent no.2 be directed to offer a price of `76.77/- per share as computed on 18.07.2018/8.08.2018, which according to the petitioner are dates on which the respondent no.2 Life Insurance Corporation of India

(LIC) had agreed to acquire further shares in IDBI Bank Ltd. The petitioner's contention is that LIC and IDBI Bank Ltd. have violated the provisions of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 thereby benefiting LIC. Admittedly, the petitioner has an alternate remedy of filing a complaint before the Securities and Exchange Board of India (SEBI).

3.

The learned counsel for SEBI states that the complaint, if any, made by the petitioner would be examined and the necessary decision would be taken. In view of this statement, no further orders are required to be passed in this petition except to direct that SEBI treat the present petition as a complaint and take an appropriate decision within a period of two weeks from today. It is so directed.

4.

The petition is disposed of in the aforesaid terms. 5.

Needless to state that if the petitioner is aggrieved by the decision of SEBI, the petitioner would be at liberty to avail of such remedies as available in law. VIBHU BAKHRU, J NOVEMBER 02, 2018 MK