SAT rejects Danny Gaekwad's bid for a competing Religare offer
Decision
The Securities Appellate Tribunal has rejected Danny Gaekwad’s attempt to seek an exemption so he could make a competing open offer for Religare Enterprises. The tribunal said he missed the 15-working-day window under Sebi’s takeover rules, which is tied to the Burman Group’s detailed public statement in October 2023.
Compliance Impact
The ruling reinforces a strict reading of the Sebi takeover code: competing offers must be made on time, and exemptions are not meant to reopen an ongoing bid after the fact. SAT said a late rival offer would have disadvantaged the first offeror, who had already placed money in escrow and secured approvals.
Counterpoints
SAT also noted that Gaekwad had not deposited ₹600 crore despite a Supreme Court direction in February 2025, even after the deadline was extended by a day.
The tribunal said the Burman Group’s offer had ended on February 13, 2025, so the dispute over that offer had become infructuous, though Gaekwad could still pursue a fresh offer if he follows the regulations.