JUDGMENT

SANJIV KHANNA, J.

This common judgment would decide the aforesaid two appeals preferred by the Securities and Exchange Board of India, [The ‘Board’, for short.] whereby it has challenged the order of the Securities Appellate Tribunal, [The ‘Appellate Tribunal’, for short.] dated 19^th 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 31^st 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;, [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 ., For short, the ‘Act’. A. Background facts:

I) Appeal No. 23 of 2013 (Sunil Krishna Khaitan’s case)

3. Khaitan Electrical Limited,, [For short, ‘KEL’.] a