SEBI Open Offer exemption if increase in voting rights due to Sec 106 of Companies act

By | December 28, 2015
(Last Updated On: December 28, 2015)

 

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION  No. SEBI/LAD-NRO/GN/2015-16/026.— Mumbai, the 22nd December, 2015

In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:-

“(j) increase in voting rights arising out of the operation of sub-section (1) of section 106 of the Companies Act, 2013 or pursuant to a forfeiture of shares by the target company, undertaken in compliance with the provisions of the Companies Act, 2013 and its articles of association.”

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