Regulation 29A - Relaxation from the strict compliance of provisions of Chapter III in certain cases. - Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997

1 [Relaxation from the strict compliance of provisions of Chapter III in certain cases. 29A. The Board may, on an application made by a target company, relax any or more of the provisions of this Chapter, subject to such conditions as it may deem fit, if it is satisfied that (a) the Central Government or State Government or any other regulatory authority has removed the board of directors of the target company and has appointed other persons to hold office as directors thereof under any law for the time being in force for orderly conduct of the affairs of the target company; (b) such directors have devised a plan which provides for transparent, open, and competitive process for continued operation of the target company in the interests of all stakeholders in the target company and such plan does not further the interests of any particular acquirer; (c) the conditions and requirements of the competitive process are reasonable and fair; (d) the process provides for details including the time when the public offer would be made, completed and the manner in which the change in control would be effected; (e) the provisions of this Chapter are likely to act as impediment to implementation of the plan of the target company and relaxation from one or more of such provisions is in public interest, the interest of investors and the securities market.] ------------------ Notes: 1. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2009, w.e.f. 13-1-2009.