JUDGMENT

ADARSH KUMAR GOEL, J.

1. This appeal has been preferred under Section 15 Z of the Securities and Exchange Board of India Act, 1992 (the Act) against order dated 6th August, 2014 passed by the Securities Appellate Tribunal, Mumbai (the SAT) in Appeal No.111 of 2012. The SAT upheld the order of Securities and Exchange Board of India (SEBI) dated 13th April, 2012 rejecting the application of the appellants for withdrawal of the public offer to acquire shares of the Golden Tobacco Ltd. In terms of public announcement (PA) dated November 12, 2009 under the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the Takeover Regulations).

FACTS :

2. Golden Tobacco Limited (the target company) is a company having its registered office at Tobacco House, S.V. Road, Vile Parle (West), Mumbai – 400 056. The equity shares of the target company are listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

3. On November 12, 2009, Mr. Pramod Jain and Pranidhi Holdings Private Limited (the acquirers) along with J.P. Financial Services Private Limited (the person acting in concert (PAC) made PA through VC Corpora