JUDGMENT - S. RADHAKRISHNAN, J.:---By this appeal both the appellants herein are challenging the order dated 5th September, 2001 passed by the Securities Appellate Tribunal, Mumbai in Appeal No. 37 of 2001. Both the appellants in this appeal are public limited companies incorporated in the United Kingdom. Burma Castrol Plc is also a public limited company incorporated in United Kingdom. It appears that pursuant to an offer by appellant No. 1 viz. Burma Castrol Plc became its wholly owned subsidiary. Burma Castrol Plc has a subsidiary viz. Burma Castrol Holdings Ltd., which in turn has a subsidiary viz. Castrol Limited. The said Castrol Limited is appellant No. 2 in this appeal. The appellant No. 2 Castrol Limited has a subsidiary company viz. Castrol India Ltd., with 51% share holding. Castrol India Ltd. is also a public limited company which is incorporated in India. The Equity shares of Castrol India Ltd. are listed on the Stock Exchange of Bombay and are also permitted to be traded on the National Stock Exchange. The main challenge by the appellants to the said order of Securities Appellate Tribunal is on three grounds. Firstly, the appellants contend that the Securities Excha

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