As per the case facts, SEBI appealed against orders of the Securities Appellate Tribunal, which concerned the interpretation of regulations related to substantial acquisition of shares and takeovers. The dispute ... arose from instances where the combined shareholding of "persons acting in concert" was considered for determining breaches of takeover regulations. The question arose regarding the correct interpretation of "acquirer" under Regulation 10 of the Takeover Regulations, 1997, specifically whether it includes "persons acting in concert," and the extent of the Appellate Tribunal's power under Section 15T of the SEBI Act. Finally, the Supreme Court dismissed the appeals filed by SEBI. The Court clarified that the power of the Appellate Tribunal under Section 15T of Chapter VI-A of the Act is confined to examining the correctness and legality of the order under challenge. While upholding the Appellate Tribunal's decision in essence, the Court stated that it would not interfere with a penalty previously imposed for a violation, as that direction had attained finality.