No withdrawal of public offer due to delay in its approval if offer was put on hold on request of ap

SEBI : Where appellant sought permission to withdraw public offer made by them under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 for acquisition of 25 per cent of issued equity share capital of GTL on ground of inordinate delay of more than two years on part of SEBI in approving draft of letter of offer and public offer having become frustrated and impossible of performance, delay in offering comments by SEBI was undesirable but not fatal as appellant had himself ask