Accordingly SEC officials have been having a strong meeting to discuss the matter and is yet to take 'Necessary Action' for breaking 'Takeover & Merger Code'
Note- 'Takeover and Merger Code' States that:
(1) During the offer period the parties to the transaction (except in a partial offer) and their associates shall be free to trade subject to daily disclosure to the Stock Exchange and the Commission (not later than 12 noon on the dealing day following the date of the relevant transaction) of the total number of shares of any offeror or offeree company purchased or sold by such offeror or offeree or their respective associates for their own account on any day during the offer period and the price at which such shares were purchased or sold.
(2) All purchases and sales of shares of any offeror or offeree company made by any associate on behalf of any investment client who himself is not an associate shall be reported to the Stock Exchange and to the Commission.
Read the Takeover and Merger Code and find out yourself.