JUDGMENT

Edgar Joseph Jr. SCJ:

The dominant question of Law which arises for decision in this appeal may be stated thuswise:

Does the imposition of a public censure by the panel on Take Overs and Mergers ("the Panel") under s. 179(7A) of the Companies Act 1965, ("the Act") have the automatic effect in Law of releasing the concert parties of their obligations and restrictions under rr. 34.1 and 34.7 of the Code on Take Overs and Mergers 1981, ("the Code") as the respondents (the defendants in the court below) and the panel contend or whether the obligations and restrictions continue notwithstanding the public censure until the general offer is made or the panel releases the parties in concert from their obligations, as the appellant (the plaintiff in the court below) contends?

To put the matter in perspective, the provisions of the Act and the Code, respectively, which it would be convenient to reproduce are these:

Section 179 of the Act

(1) ... (2) The Minister may, by order, appoint a panel on Take-Overs and Mergers (hereinafter referred to as "the Panel") consisting of such persons as he thinks fit to administer, supervise and control take-overs and mergers.

(3) (a) The panel