JUDGMENT :

SANJIV KHANNA, J.

This common judgment would decide the aforesaid two appeals preferred by the Securities and Exchange Board of India¹[The ‘Board’, for short.], whereby it has challenged the order of the Securities Appellate Tribunal²[The ‘Appellate Tribunal’, for short.] dated 19th June 2013 in Appeal No. 23 of 2013 titled ‘ Sunil Krishna Khaitan and Others v. Securities and Exchange Board of India ’; and the order dated 31st October 2013 in Appeal No. 2 of 2013 titled ‘ Smt. Madhuri S. Pitti and Others v. Securities and Exchange Board of India ’.

2. Primary questions of law raised in these appeals relates to the interpretation of Regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997; ³[Hereinafter referred to as ‘Takeover Regulations 1997’.] the power and exercise of the power by the Board under Regulations 44 read with 45 of the Takeover Regulations, 1997; and the power and jurisdiction of the Appellate Tribunal under Section 15T of the Securities and Exchange Board of India Act, 1992. ⁴[For short, the ‘Act’.]

A. Background fact