While quashing an order passed by the Securities and Exchange Board of India (SEBI), the securities appellate tribunal (SAT) observed that given the long lapse of time from the date of acquisition till the date of the SEBI order, the discretion exercised by the chief general manager (CGM of SEBI) in directing the appellants to make an open offer was not a proper exercise of discretion. The case is related to the alleged takeover of Electrotherm (India) Ltd.