Regulation 27 - Withdrawal of offer. - Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997

Withdrawal of offer. 27. (1) No public offer, once made, shall be withdrawn except under the following circumstances:- (a) 1 [***] (b) the statutory approval(s) required have been refused; (c) the sole acquirer, being a natural person, has died; (d) such circumstances as in the opinion of the Board merit withdrawal. (2) In the event of withdrawal of the offer under any of the circumstances specified under sub-regulation (1), the acquirer or the merchant banker shall,- (a) make a public announcement in the same newspapers in which the public announcement of offer was published, indicating reasons for withdrawal of the offer ; (b) simultaneously with the issue of such public announcement, inform (i) the Board; (ii) all the stock exchanges on which the shares of the company are listed; and (iii) the target company at its registered office. ---------------------- Notes:- 1. Omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. Prior to its omission, clause (a) read as under: (a) the withdrawal is consequent upon any competitive bid;