Regulation 2 - Definitions. - Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002

Definitions. 2. (1) In these regulations, unless the context otherwise requires: - (a) Act means the Securities and Exchange Board of India Act, 1992; (b) associate includes a person, (i) who directly or indirectly by himself or in combination with relatives, exercise control over the company; or, (ii) whose employee, officer or director is also a director, officer or employee of the company; (c) Board means the Board as defined in clause (a) of sub section (1) of section 2 of the Act; (d) control shall include the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders or voting agreements or in any other manner; (e) company means a company as defined in Companies Act, 1956; (f) director means, a director as defined in sub-section (13) of section 2 of the Companies Act, 1956; (g) employee means, (i) a permanent employee of the company working in India or abroad; or (ii) a director of the company whether a whole time director or not; (h) ESOS means an Employee Stock Option Scheme as defined in Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999; (i) insider means an insider as defined in clause (e) of regulation 2 of Securities and Exchange Board of India (Insider Trading) Regulations, 1992; (j) merchant banker means a merchant banker registered under Section 12 of the Act; (k) promoter means promoter as defined in clause (h) of sub regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997; (l) registrar means a registrar to an issue and includes a share transfer agent registered under Section 12 of the Act; (m) securities means securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (n) statutory auditor means an auditor appointed by a company under Section 224 of the Companies Act 1956 (1 of 1956); (o) Recognised Stock Exchange means a stock exchange which has been granted recognition under Section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (p) sweat equity shares means sweat equity shares as defined in Explanation II of sub section (1) of Section 79A of the Companies Act, 1956; (q) Schedule means a schedule to these regulations. (r) valuer means a Chartered Accountant or a merchant banker appointed to determine the value of the intellectual property rights or other value addition. (2) Words and expressions not defined in these regulations shall have the same meaning as have been assigned to them under the Act or the Securities Contracts (Regulation) Act, 1956 or the Companies Act, 1956 or any statutory modification or re-enactment thereof, as the case may be.