JUDGMENT

SHIVA KIRTI SINGH, J.

1. Both the appeals have been preferred by the same appellant under Section 15Z of the Securities & Exchange Board of India Act, 1992 (for short, ‘SEBI Act’). The main appeal is of 2006 and requires detailed consideration. It is directed against order dated 08th August 2005 passed by the Securities Appellate Tribunal upholding and confirming the order of Securities & Exchange Board of India (SEBI) dated 27th January 2004 directing the appellant to make public announcement in terms of Regulation 11(1) of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 (hereinafter referred to as ‘the Regulations of 1997). The other appeal is directed against orders passed by SEBI and confirmed by the Tribunal to impose penalty upon the appellant for non-compliance with the order which is subject matter of the earlier appeal. It goes without saying that the latter appeal will follow the fate of the main appeal.

2. Before adverting to the issues of law raised on behalf of the appellant, the essential facts may be noticed only in brief. The appellant, Kosha Investments Ltd., acquired shares of another company Snow