1. The petitioner-the Zandu Pharmaceutical Works Ltd. is a company incorporated on 10-12-1919 under Indian Companies Act, 1913 having its registered office at 70, Gokhale South, Dadar, Mumbai-400 025. The company is doing the business of producing, manufacturing and selling pharmaceutical products.

1.1 Respondent Nos. 1 to 4 are members of the Vaidya family and together with respondent Nos. 5 to 8 which are companies controlled by respondent Nos. 1 to 4 hold 23.33 per cent shares of petitioner-company as on 31-3-2008. The petitioner alleges that respondent No. 9 has illegally acquired 1,90,441 shares of the petitioner-company from respondent Nos. 1 to 8 in violation of the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (‘Takeover Regulations’/‘Takeover Code’) as also the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations 1992 (‘Insider Trading Regulations’) and the Act. Respondent No. 1 and/or his relatives are directors and/or shareholders of respondent Nos. 5 to 8. Respondent Nos. 1 to 8 as pointed out hereinafter, are covered by the definition of ‘