Rights Offering: Kerala High Court Judgment Stayed by Supreme Court

Last month, we had discussed
a decision of the Kerala High Court in Securities
and Exchange Board of India v. Kunnamkulam Paper Mills Ltd
, where it was
held that in certain circumstances a rights offering by an unlisted company may
amount to a public offering thereby conferring jurisdiction on SEBI.
The company
preferred an appeal to the Supreme Court, which has issued notice, and ordered
that in the meantime the judgment of the High Court shall remain stayed. This
seems set to operate as a sequel to the Sahara case, although not as high

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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