JUDGMENT - B.P. SINGH, C.J.:---This appeal has been preferred by Mr. K.K. Modi against the order of the Securities Appellate Tribunal, Mumbai, dated 31st July, 2001 under section 15-Z of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the Act"). The Securities Appellate Tribunal, Mumbai (for short, "Appellate Tribunal"), in exercise of its jurisdiction under section 15-T of the Act, set aside the order of the Chairman of the Securities and Exchange Board of India dated 16th July, 2001, and held that Modipon Limited, respondent No. 2 herein, even though a "Promoter" of Modi Rubber limited (for short, 'MRL'), respondent No. 3 cannot be held to be an "acquirer" or a person acting or deemed to be "acting in concert" with the acquirers, and therefore, ineligible to participate in the public offer made by the acquirers to the shareholders of MRL, the target company. It held that every "promoter" cannot be said to be an acquirer or a person acting in concert with the acquirer, or deemed to be acting in concert with the acquirer, unless it is shown that he either acquires or agrees to acquire shares, or voting rights, or control over, the target company al

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