Regulation 29 - Obligations of the Manager to the offer - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Obligations of the Manager to the offer 29 . (1) Before making the detailed public announcement, the Manager to the offer for delisting of equity shares shall ensure that, - (a) the acquirer is able to implement the delisting offer; and (b) firm arrangements for funds through verifiable means have been made by the acquirer to meet the payment obligations under the delisting offer. (2) The Manager to the offer shall ensure that the contents of the initial public announcement, the detailed public announcement, the letter of offer and the post-bidding advertisement(s) are complete, true, fair and adequate in all material aspects, based on reliable sources and are in compliance with the requirements under these regulations and other applicable securities laws. (3) The Manager to the offer shall ensure that market intermediaries engaged for the purpose of the delisting of equity shares are registered with the Board. (4) The Manager to the offer shall exercise due diligence, care and professional judgment to ensure compliance with these regulations. (5) The Manager to the offer shall not, either directly or indirectly through its associates, deal in its own account in the shares of the company after its appointment as Manager to the offer till the conclusion of the delisting offer. (6) It shall be the responsibility of the Manager to the offer to ensure that the acquirer complies with the provisions of these regulations.