 In May 2006, the CMA argued that the latter had not met all the terms it had stated in an offer to Carbacid shareholders.The critical condition in the deal to warrant the takeover and subsequent delisting of Carbacid from the NSE was that at least 80 per cent of Carbacid shareholders had to back the takeover transaction, but only owners holding 71.0 per cent backed the transaction.Ironically, a ruling by the Capital Markets Tribunal okayed the takeover forcing the CMA to appeal against the ruling.