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TMI BlogPurchase of minority shareholdingX X X X Extracts X X X X X X X X Extracts X X X X ..... f persons becoming ninety per cent. majority or holding ninety per cent. of the issued equity share capital of a company, by virtue of an amalgamation, share exchange, conversion of securities or for any other reason, such acquirer, person or group of persons, as the case may be, shall notify the company of their intention to buy the remaining equity shares. (2) The acquirer, person or group of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or company for at least one year for payment to the minority shareholders and such amount shall be disbursed to the entitled shareholders within sixty days: Provided that such disbursement shall continue to be made to the entitled share- holders for a period of one year, who for any reason had not been made disbursement within the said period of sixty days or if the disbursement have been made w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the majority in advance to the minority by despatch of such payment. (7) In the event of a majority shareholder or shareholders requiring a full purchase and making payment of price by deposit with the company for any shareholder or shareholders who have died or ceased to exist, or whose heirs, successors, administrators or assignees have not been brought on record by transmission, the right of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h minority shareholders on a pro rata basis. Explanation.--For the purposes of this section, the expressions "acquirer" and "person acting in concert" shall have the meanings respectively assigned to them in clause (b) and clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. (9) When ..... X X X X Extracts X X X X X X X X Extracts X X X X
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