New Delhi, Feb. 13 -- One more agency, this time the country's highest court, has added a new dimension to the ongoing takeover battle at Religare Enterprises Ltd by questioning the market regulator and allowing a competing open offer from an unknown overseas entity.

The Supreme Court, while castigating the Securities and Exchange Board of India (Sebi) for rejecting the competing offer, has raised a couple of pertinent questions.

One, why was there a long gap between the public announcement and the open offer?

Two, how and why is the price as of the public announcement date still relevant?

But first, why the top court's criticism of Sebi is unfair and misplaced.

Sebi's rejection of the US-based Digvijay 'Danny' Gaekwad's counteroffer...