JUDGMENT :

R.F.NARIMAN, J.

1. The present appeals relate to an interesting question regarding the interpretation of Regulation 10 of the SEBI Takeover Regulations of 2011.

2. The factual backdrop in which the present controversy arises is that Indiabulls Real Estate Ltd. (hereinafter referred to as “IBREL”) was incorporated as a Public Limited Company on 4th April, 2006, which carried on the business of real estate. It was later listed on the National Stock Exchange as well as the Bombay Stock Exchange in 2007. We are further informed that the aforesaid company entered into the business of generating power thereafter, in the year 2009. The appellant herein was incorporated as a private Ltd. Company, being a wholly owned subsidiary of Nettle Construction Pvt. Ltd., some time in 2010. This Company in turn, was wholly owned by Mr. Rajiv Rattan. Both the Appellant and Rajiv Rattan were listed as promoters of the said company in IBREL in the Annual Report for the Financial Year 2009-2010.

3. For the purpose of disposing of the present appeals, the “Target Company” is Rattan India Infrastructure Ltd. It was originally incorporated as a wholly owned subsidiary of IBREL on 9th November, 2010 w