Regulation 27 - Obligations of the manager to the open offer - Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Obligations of the manager to the open offer. 27.(1) Prior to public announcement being made, the manager to the open offer shall ensure that,- (a) the acquirer is able to implement the open offer; and (b) firm arrangements for funds through verifiable means have been made by the acquirer to meet the payment obligations under the open offer. (2) The manager to the open offer shall ensure that the contents of the public announcement, the detailed public statement and the letter of offer and the post-offer advertisement are true, fair and adequate in all material aspects, not misleading in any material particular, are based on reliable sources, state the source wherever necessary, and are in compliance with the requirements under these regulations. (3) The manager to the open offer shall furnish to the Board a due diligence certificate along with the draft letter of offer filed under regulation 16 . (4) The manager to the open offer shall ensure that market intermediaries engaged for the purposes of the open offer are registered with the Board. (5) The manager to the open offer shall exercise diligence, care and professional judgment to ensure compliance with these regulations. (6) The manager to the open offer shall not deal on his own account in the shares of the target company during the offer period. (7) The manager to the open offer shall file a report with the Board within fifteen working days from the expiry of the tendering period, in such form as may be specified, confirming status of completion of various open offer requirements.