Held, that after referring to the facts of the case held that the date 30th November, 2009, was a press release date to make the public aware that they were entering into exclusive negotiations for the acquisition of the parent company. No agreement was reached between them on that date and the parties had only agreed to negotiate in an exclusive manner in order to reach a final agreement for the proposed sale. The press release did not amount to an announcement of the global acquisition of the parent company. The Share Purchase Agreement was executed between the parties on 20th January, 2010, when a legally binding and concluded contract for taking over the parent company came into existence on that date. It was on this date that the global acquisition of the parent company was also announced. The Board was in error in directing the appellants to recalculate the offer price with reference to 30th November, 2009. This date was directed to be ignored and the parties to proceed further in accordance with law. Appeal was allowed.
