Securities And Exchange Board of India (Substantial Acquisition of Shares And Takeovers) Amendment Regulations, 1998. - S.O. No.930(E) - SEBI/LE/1437/98 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 28th October, 1998 S.O. No.930 (E).- In exercise of the powers conferred by sub-section (1) of Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 : I.(i) These regulations may be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Amendment Regulations, 1998; (ii) They shall come into force on the date of their publication in the Official Gazette. II.(l) In regulation 3- (a) in sub-regulation (3), for the figure 2% appearing after the word exceeding and before the words of the , the figure 5% shall be substituted. (b) in sub-regulation (4), for the figure 10% appearing after the words person to exercise and before the words or more , the figure 15% shall be substituted. (2) In regulation 8, in sub-regulation (1), for the word ten appearing after the words more than and before the word percent , the word fifteen shall be substituted. (3) In regulation 10- (a) in the heading, for the figure 10% , the figure 15% shall be substituted. (b) for the word ten , appearing after the words to exercise and before the words per cent or more the word fifteen shall be substituted. (4) In regulation 11- (a) in sub-regulation (1), (i) for the words and figures not less than 10% but not more than 51% , the words and figures, 15% or more but less than 75% , shall be substituted. (ii) for the figure 2% appearing after the words exercise more than and before the words of the voting rights by the figure 5% shall be substituted (b) for sub-regulation (2), the following sub-regulation shall be substituted, namely, (2) No acquirer who, together with persons acting in concert with him has acquired, in accordance with the provisions of law, 75% of the shares or voting rights in a company, shall acquire either by himself or through persons acting in concert with him any additional shares or voting rights, unless such acquirer makes a public announcement to acquire shares in accordance with the regulations. (5) In regulation 20, after sub-regulation (4), the following proviso shall be inserted; namely- Provided that no such acquisition shall be made by the acquirer during the last seven working days prior to the closure of the offer. (6) In regulation 22- (a) in sub-regulation (16), for the figure 10% , appearing after the word beyond , the figure 15% shall be substituted. (b) in sub-regulation (17), for the words after the date of public announcement appearing after the words any shares and before the words he, shall disclose , the words in terms of sub-regulation (4) of regulation 20 shall be substituted. IF. No. SEBI/LE/1437/98] D.R. MEHTA, Chairman Footnote :-( 1) The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 the principal regulations was published in the Gazette of India, Extra-ordinary on 20th February, 1997 vide S.O. No. 124(E). (a) Subsequently a Corrigendum was published in the Gazette of India, Extra-Ordinary on 6th February, 1998 vide S.O. No. 106(E).