"An open offer for acquiring shares once made shall not be withdrawn." Comment on the statement.

The given statement is not correct. As per the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011, an open offer for acquiring shares once made can be withdrawn under any of the following circumstances: Statutory approvals required for the open offer or for effecting the acquisitions attracting the obligation to make an open offer under these regulations having been finally refused, subject to such requirements for approval having been specifically disclosed in the detailed public statement and the letter of offer; The acquirer, being a natural person, has died; Any condition stipulated in the agreement for acquisition attracting the obligation to make the open offer is not met for reasons outside the reasonable control of the acquirer, then it should be disclosed in the detailed public statement and the letter of offer; However, an acquirer shall not withdraw an open offer pursuant to a public announcement, even if the proposed acquisition through the preferential issue is not successful. Such circumstances as in the opinion of the SEBI, merit withdrawal. SEBI shall pass a reasoned order permitting withdrawal and such order shall be listed by SEBI on its official website.