Sebi Substantial Acquisition Of Shares And Takeovers Regulations 2011 Pdf

sebi substantial acquisition of shares and takeovers regulations 2011 pdf

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Published: 14.12.2020

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The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. For more details, kindly Click here. Kindly Click here. Summary of Order pronounced Honble Ms. Order pronounced Honble Ms.

This is a quick revisionary document which shall be relevant for Paper 2 and 3 of CS Professional exam after one has understood the provisions in detail first. You are suggested to get this printed to add, delete and modify the content alongside to suit it as per your understanding. The objective is to regulate the takeovers through open offer obligations; disclosure obligations etc. Regulation 2 Lays down the definition of various terms used in the regulation [Use the space below to write the important ones]. Regulation 3 Following are the threshold limits beyond which an obligation to make an open offer is triggered and thus, public announcement to acquire shares from other shareholders shall be made: I.

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Provided that a director or officer of a target company shall not be considered to be in control over such target company, merely by virtue of holding such position;. Provided that where the share capital of a particular class of shares of the target company is not identical throughout such period, the weighted average number of total shares of such class of the target company shall represent the total number of shares;. Prior to its omission, item ix read as under :. Your email address will not be published. Post Comment.

In this matter, the WTM had to decide, inter alia , whether there had been an acquisition of control by the Noticees defined below by the signing of an agreement under which they obtained certain rights as described below , which would mandate the making of an open offer under the Takeover Code However, there are certain parts of the order of the WTM which are contradictory leading to an unclear conclusion. In , the Noticees were obligated to make a mandatory open offer under the Takeover Code , pursuant to the conversion of the FCCBs into equity shares resulting in the acquisition of voting rights in KHIL in excess of the limits set out in Regulation 3 1 of the Takeover Code 3. These rights included the right to nominate a director on the board of KHIL, restrictions on KHIL and its promoters from acting against the interest of the Noticees, and affirmative voting rights granted to the Noticees. The Noticees consequently amended the letter of offer and included for the revised calculation of the offer price. This non-compliance with the directions of the Observations prompted SEBI to issue a show-cause notice to them. The order of the WTM was passed after hearing the Noticees pursuant to the above show-cause notice.


SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, [last amended on March 6, ].


SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011

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In regulation 17, in sub-regulation 1 , the following new proviso shall be inserted after the existing proviso, namely, —. In regulation 17, in sub-regulation 3 , in clause c , the following new proviso shall be inserted after the existing proviso, namely,-. In regulation 18, after sub-regulation 11 , the following new sub-regulation shall be inserted, namely,-. Provided that in case the delay was not attributable to any act of omission or commission of the acquirer, or due to the reasons or circumstances beyond the control of acquirer, the Board may grant waiver from the payment of interest. Provided further that the payment of interest would be without prejudice to the Board taking any action under regulation 32 of these regulation or under the Act.

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Moreover, the rule also applies in the corporate world, when decisions related to a company are based on what the majority of shareholders agree too.

Rosicler A.

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Shifting the lens to corporate law, veto rights have been perceived paradoxically in mergers and acquisition transactions.

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